MBX Biosciences (NASDAQ:MBX) Hits New 1-Year High – Still a Buy?

MBX Biosciences, Inc. (NASDAQ:MBX) shares hit a new 52-week high on Friday . The company traded as high as $66.66 and last traded at $61.10, with a volume of 107404 shares changing hands. The stock had previously closed at $63.57.

Analysts Set New Price Targets

A number of equities analysts recently commented on MBX shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of MBX Biosciences in a research note on Friday, July 17th. Stifel Nicolaus set a $56.00 price target on MBX Biosciences in a research note on Tuesday, May 12th. Citizens Jmp lifted their price target on MBX Biosciences from $76.00 to $86.00 and gave the stock a “market outperform” rating in a report on Tuesday, May 12th. Barclays upped their price objective on MBX Biosciences from $66.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Finally, Truist Financial raised their target price on MBX Biosciences from $50.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.75.

MBX Biosciences Stock Performance

The stock’s 50-day moving average is $44.81 and its 200 day moving average is $37.72. The stock has a market capitalization of $2.93 billion, a PE ratio of -27.81 and a beta of 0.16.

Institutional Trading of MBX Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its position in shares of MBX Biosciences by 4,131.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,481 shares of the company’s stock valued at $26,000 after purchasing an additional 1,446 shares during the period. GF Fund Management CO. LTD. acquired a new position in MBX Biosciences during the fourth quarter worth approximately $28,000. Strs Ohio increased its position in MBX Biosciences by 128.6% during the first quarter. Strs Ohio now owns 1,600 shares of the company’s stock worth $48,000 after buying an additional 900 shares during the period. Royal Bank of Canada lifted its stake in MBX Biosciences by 59.6% in the fourth quarter. Royal Bank of Canada now owns 1,532 shares of the company’s stock valued at $49,000 after buying an additional 572 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in MBX Biosciences by 117.9% in the third quarter. BNP Paribas Financial Markets now owns 2,896 shares of the company’s stock valued at $51,000 after buying an additional 1,567 shares during the last quarter.

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.