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

Shares of MBX Biosciences, Inc. (NYSE:MBX) gapped down prior to trading on Tuesday . The stock had previously closed at $16.28, but opened at $15.75. MBX Biosciences shares last traded at $15.76, with a volume of 36,026 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MBX. Stifel Nicolaus initiated coverage on MBX Biosciences in a report on Tuesday, October 8th. They set a “buy” rating and a $40.00 price target for the company. Jefferies Financial Group started coverage on MBX Biosciences in a research note on Tuesday, October 8th. They set a “buy” rating and a $35.00 target price for the company. JPMorgan Chase & Co. began coverage on MBX Biosciences in a report on Tuesday, October 8th. They issued an “overweight” rating and a $30.00 target price for the company. Finally, Guggenheim started coverage on MBX Biosciences in a report on Tuesday, October 8th. They set a “buy” rating and a $44.00 price target on the stock.

MBX Biosciences Price Performance

The business’s 50-day moving average price is $19.93.

MBX Biosciences (NYSE:MBX) last issued its earnings results 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). Equities analysts predict that MBX Biosciences, Inc. will post -13.21 EPS for the current year.

Institutional Trading of MBX Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky purchased a new position in shares of MBX Biosciences in the 3rd quarter worth about $694,000. NEA Management Company LLC bought a new position in shares of MBX Biosciences during the 3rd quarter valued at approximately $93,904,000. Barclays PLC purchased a new stake in shares of MBX Biosciences during the 3rd quarter worth approximately $426,000. The Manufacturers Life Insurance Company bought a new stake in shares of MBX Biosciences in the 3rd quarter worth approximately $1,200,000. Finally, Franklin Resources Inc. purchased a new position in MBX Biosciences in the third quarter valued at approximately $11,691,000.

MBX Biosciences Company Profile

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.