MBX Biosciences (NASDAQ:MBX) Posts Quarterly Earnings Results, Beats Estimates By $0.10 EPS

MBX Biosciences (NASDAQ:MBX) posted its quarterly earnings data on Thursday. The company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.73) by $0.10, Zacks reports.

MBX Biosciences Price Performance

Shares of MBX Biosciences stock traded up $0.83 on Friday, reaching $25.57. 907,492 shares of the company were exchanged, compared to its average volume of 959,151. MBX Biosciences has a fifty-two week low of $4.81 and a fifty-two week high of $26.47. The stock has a market cap of $859.00 million, a price-to-earnings ratio of -10.70 and a beta of 1.20. The business has a fifty day simple moving average of $15.82.

Insider Buying and Selling

In other news, Director Patrick J. Heron purchased 666,666 shares of the business’s stock in a transaction dated Friday, September 26th. The shares were acquired at an average price of $18.00 per share, for a total transaction of $11,999,988.00. Following the completion of the acquisition, the director directly owned 5,219,440 shares of the company’s stock, valued at $93,949,920. The trade was a 14.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven L. Hoerter purchased 20,000 shares of MBX Biosciences stock in a transaction that occurred on Friday, October 17th. The stock was purchased at an average price of $13.25 per share, with a total value of $265,000.00. Following the transaction, the director owned 20,000 shares in the company, valued at $265,000. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have purchased 706,666 shares of company stock valued at $12,537,788. 52.19% of the stock is owned by corporate insiders.

Institutional Trading of MBX Biosciences

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of MBX Biosciences by 60.7% in the third quarter. Vanguard Group Inc. now owns 1,677,362 shares of the company’s stock worth $29,354,000 after buying an additional 633,678 shares during the period. MPM Bioimpact LLC raised its position in MBX Biosciences by 14.3% during the second quarter. MPM Bioimpact LLC now owns 1,294,416 shares of the company’s stock valued at $14,769,000 after buying an additional 161,466 shares during the period. Geode Capital Management LLC lifted its stake in MBX Biosciences by 27.0% in the 2nd quarter. Geode Capital Management LLC now owns 348,447 shares of the company’s stock worth $3,976,000 after acquiring an additional 73,989 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in MBX Biosciences by 73.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 87,097 shares of the company’s stock worth $994,000 after acquiring an additional 36,987 shares during the period. Finally, Bank of America Corp DE grew its stake in MBX Biosciences by 50.9% during the 2nd quarter. Bank of America Corp DE now owns 42,387 shares of the company’s stock valued at $484,000 after acquiring an additional 14,297 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MBX shares. Wall Street Zen upgraded MBX Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Citigroup restated an “outperform” rating on shares of MBX Biosciences in a report on Monday, September 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MBX Biosciences in a research note on Wednesday, October 8th. Oppenheimer began coverage on shares of MBX Biosciences in a research report on Wednesday, July 16th. They issued an “outperform” rating and a $38.00 price target on the stock. Finally, Truist Financial started coverage on shares of MBX Biosciences in a report on Wednesday, October 15th. They issued a “buy” rating and a $50.00 price target for the company. Nine analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $44.00.

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.