MBX Biosciences (NYSE:MBX) Shares Down 6.6% – Here’s Why

Shares of MBX Biosciences, Inc. (NYSE:MBX) traded down 6.6% during mid-day trading on Friday . The company traded as low as $16.50 and last traded at $17.04. 74,612 shares changed hands during trading, a decline of 55% from the average session volume of 165,992 shares. The stock had previously closed at $18.25.

Wall Street Analysts Forecast Growth

MBX has been the subject of several research reports. Jefferies Financial Group initiated coverage on shares of MBX Biosciences in a research note on Tuesday, October 8th. They issued a “buy” rating and a $35.00 price objective for the company. Guggenheim assumed coverage on MBX Biosciences in a research note on Tuesday, October 8th. They issued a “buy” rating and a $44.00 price target for the company. JPMorgan Chase & Co. started coverage on MBX Biosciences in a research report on Tuesday, October 8th. They set an “overweight” rating and a $30.00 price objective on the stock. Finally, Stifel Nicolaus began coverage on MBX Biosciences in a research report on Tuesday, October 8th. They issued a “buy” rating and a $40.00 target price for the company.

MBX Biosciences Trading Up 1.9 %

The firm’s 50 day simple moving average is $20.30.

MBX Biosciences (NYSE:MBX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($2.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.72) by ($0.06). As a group, equities analysts predict that MBX Biosciences, Inc. will post -13.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MBX Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in MBX. Franklin Resources Inc. acquired a new stake in MBX Biosciences during the 3rd quarter valued at approximately $11,691,000. Barclays PLC bought a new stake in shares of MBX Biosciences in the 3rd quarter valued at $426,000. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of MBX Biosciences during the third quarter worth $694,000. Geode Capital Management LLC bought a new position in MBX Biosciences during the third quarter worth $579,000. Finally, Frazier Life Sciences Management L.P. bought a new stake in MBX Biosciences during the third quarter valued at $155,499,000.

About MBX Biosciences

MBX Biosciences, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of precision peptide therapies for the treatment of endocrine and metabolic disorders. Its lead product candidate is MBX 2109, a parathyroid hormone peptide prodrug, which is in Phase 2 clinical trial designed as a potential long-acting hormone replacement therapy for the treatment of chronic hypoparathyroidism.