MBX Biosciences (NASDAQ:MBX) Shares Gap Up After Insider Buying Activity

MBX Biosciences, Inc. (NASDAQ:MBX)’s stock price gapped up prior to trading on Monday after an insider bought additional shares in the company. The stock had previously closed at $28.00, but opened at $30.19. MBX Biosciences shares last traded at $30.65, with a volume of 88,871 shares traded.

Specifically, CEO P. Kent Hawryluk bought 18,500 shares of the stock in a transaction dated Friday, March 13th. The shares were bought at an average cost of $28.41 per share, for a total transaction of $525,585.00. Following the purchase, the chief executive officer directly owned 486,777 shares of the company’s stock, valued at approximately $13,829,334.57. This trade represents a 3.95% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

MBX has been the subject of several research reports. UBS Group restated a “buy” rating on shares of MBX Biosciences in a research report on Tuesday, February 24th. TD Cowen reiterated a “buy” rating on shares of MBX Biosciences in a research note on Thursday. Guggenheim increased their target price on shares of MBX Biosciences from $77.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, January 16th. The Goldman Sachs Group assumed coverage on shares of MBX Biosciences in a research note on Thursday, December 4th. They set a “sell” rating and a $18.00 price target for the company. Finally, Wall Street Zen raised shares of MBX Biosciences from a “sell” rating to a “hold” rating in a report on Sunday, December 21st. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, MBX Biosciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.56.

MBX Biosciences Trading Up 5.0%

The company’s fifty day moving average is $35.57 and its 200 day moving average is $26.69. The company has a market capitalization of $1.40 billion, a P/E ratio of -12.20 and a beta of 1.07.

MBX Biosciences (NASDAQ:MBX) last released its quarterly earnings data on Thursday, March 12th. The company reported ($0.49) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.64) by $0.15.

Hedge Funds Weigh In On MBX Biosciences

Hedge funds have recently made changes to their positions in the stock. Seven Fleet Capital Management LP bought a new stake in shares of MBX Biosciences during the 4th quarter valued at $574,000. Invesco Ltd. boosted its stake in MBX Biosciences by 79.9% in the 4th quarter. Invesco Ltd. now owns 21,203 shares of the company’s stock worth $669,000 after purchasing an additional 9,415 shares during the period. KVP Capital Advisors LP purchased a new position in MBX Biosciences during the 4th quarter valued at about $3,833,000. Opaleye Management Inc. grew its holdings in MBX Biosciences by 2.8% during the 4th quarter. Opaleye Management Inc. now owns 260,000 shares of the company’s stock valued at $8,200,000 after buying an additional 7,000 shares in the last quarter. Finally, Elmind Capital LP bought a new stake in shares of MBX Biosciences during the fourth quarter valued at about $6,655,000.

About MBX Biosciences

We are a clinical-stage biopharmaceutical company focused on the discovery and development of novel precision peptide therapies for the treatment of endocrine and metabolic disorders. Our company was founded by global leaders with a transformative approach to peptide drug design and development. Leveraging this expertise, we designed our proprietary Precision Endocrine Peptide™, or PEPTM, platform to overcome the key limitations of unmodified and modified peptide therapies and to improve clinical outcomes and simplify disease management for patients.