Insider Selling: MBX Biosciences (NASDAQ:MBX) CEO Sells $268,234.26 in Stock

MBX Biosciences, Inc. (NASDAQ:MBX) CEO Steven Hoerter sold 4,893 shares of the company’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $54.82, for a total value of $268,234.26. Following the completion of the sale, the chief executive officer owned 78,045 shares in the company, valued at approximately $4,278,426.90. This represents a 5.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

MBX Biosciences Stock Up 2.6%

Shares of NASDAQ MBX traded up $1.43 during midday trading on Friday, reaching $55.94. 855,450 shares of the stock were exchanged, compared to its average volume of 535,772. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of -18.22 and a beta of 0.17. The firm has a 50-day simple moving average of $55.78 and a two-hundred day simple moving average of $46.39. MBX Biosciences, Inc. has a twelve month low of $23.07 and a twelve month high of $72.64.

MBX Biosciences (NASDAQ:MBX) last posted its earnings results on Monday, November 9th. The company reported ($1.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.49). Research analysts expect that MBX Biosciences, Inc. will post -3.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Sterling Capital Management LLC lifted its position in shares of MBX Biosciences by 847.7% in the third quarter. Sterling Capital Management LLC now owns 1,033 shares of the company’s stock valued at $61,000 after acquiring an additional 924 shares in the last quarter. State of Wyoming purchased a new stake in shares of MBX Biosciences during the second quarter worth approximately $58,000. Sei Investments Co. increased its position in shares of MBX Biosciences by 17.4% during the first quarter. Sei Investments Co. now owns 8,989 shares of the company’s stock worth $268,000 after purchasing an additional 1,332 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of MBX Biosciences during the third quarter worth approximately $144,000. Finally, China Universal Asset Management Co. Ltd. raised its stake in MBX Biosciences by 28.5% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,787 shares of the company’s stock valued at $681,000 after purchasing an additional 2,612 shares during the last quarter.

Key Stories Impacting MBX Biosciences

Investors following MBX have been watching these stories:

• Positive Sentiment: Oppenheimer initiated or reiterated a Buy rating on MBX, adding to favorable analyst sentiment. Oppenheimer Buy rating
• Neutral Sentiment: CEO Steven Hoerter sold 4,893 shares for about $268,000, but the filing said the sale covered tax withholding on vested equity awards. He retained 78,045 shares, making the transaction less concerning than a discretionary sale. CEO share sale
• Negative Sentiment: MBX reported a quarterly loss of $1.29 per share, wider than analysts’ expected loss of $0.80, a headwind that contrasts with the upbeat analyst ratings.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MBX shares. Truist Financial lifted their price objective on shares of MBX Biosciences from $70.00 to $88.00 and gave the company a “buy” rating in a report on Monday, August 10th. JPMorgan Chase & Co. began coverage on shares of MBX Biosciences in a research note on Friday, August 21st. They set an “overweight” rating and a $88.00 target price on the stock. Wall Street Zen cut MBX Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Citigroup restated a “market outperform” rating on shares of MBX Biosciences in a research note on Tuesday, October 27th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MBX Biosciences in a report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $87.30.

MBX Biosciences Company Profile

MBX Biosciences, Inc. is a clinical-stage biopharmaceutical company developing peptide-based treatments for endocrine and metabolic disorders. The company’s research focuses on conditions in which naturally occurring hormones are deficient or do not function adequately. MBX uses its Precision Endocrine Peptide (PEP) platform to design peptide medicines intended to provide more durable hormone activity. Its lead candidate, MBX 2109, is being developed as a long-acting parathyroid hormone replacement therapy for people with chronic hypoparathyroidism.