JMP Securities Initiates Coverage on MBX Biosciences (NYSE:MBX)

Equities research analysts at JMP Securities initiated coverage on shares of MBX Biosciences (NYSE:MBX) in a research report issued on Thursday,Benzinga reports. The firm set a “market outperform” rating and a $38.00 price target on the stock. JMP Securities’ price objective suggests a potential upside of 412.82% from the stock’s current price.

MBX Biosciences Trading Up 18.2 %

Shares of MBX stock opened at $7.41 on Thursday. The business’s 50 day moving average is $8.88 and its two-hundred day moving average is $15.55. MBX Biosciences has a twelve month low of $4.81 and a twelve month high of $27.50.

Insider Buying and Selling at MBX Biosciences

In other news, CEO P. Kent Hawryluk bought 50,000 shares of the stock in a transaction dated Tuesday, February 4th. The shares were acquired at an average price of $10.69 per share, with a total value of $534,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 448,277 shares in the company, valued at approximately $4,792,081.13. The trade was a 12.55 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carl L. Gordon purchased 47,502 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were purchased at an average cost of $9.87 per share, with a total value of $468,844.74. Following the completion of the acquisition, the director now directly owns 3,205,930 shares of the company’s stock, valued at $31,642,529.10. This represents a 1.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have bought 248,365 shares of company stock valued at $2,600,619.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MBX. Driehaus Capital Management LLC lifted its holdings in MBX Biosciences by 61.2% in the fourth quarter. Driehaus Capital Management LLC now owns 1,581,760 shares of the company’s stock valued at $29,152,000 after acquiring an additional 600,438 shares during the period. Woodline Partners LP lifted its stake in shares of MBX Biosciences by 17.1% in the fourth quarter. Woodline Partners LP now owns 608,721 shares of the company’s stock valued at $11,219,000 after purchasing an additional 89,046 shares during the period. Franklin Resources Inc. acquired a new stake in shares of MBX Biosciences in the third quarter valued at about $11,691,000. Geode Capital Management LLC boosted its holdings in MBX Biosciences by 1,093.2% during the fourth quarter. Geode Capital Management LLC now owns 265,703 shares of the company’s stock worth $4,898,000 after buying an additional 243,434 shares in the last quarter. Finally, Citadel Advisors LLC grew its position in MBX Biosciences by 62.5% during the fourth quarter. Citadel Advisors LLC now owns 220,330 shares of the company’s stock worth $4,061,000 after buying an additional 84,722 shares during the period.

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.