MBX Biosciences (NASDAQ:MBX) Stock Price Breaks Above Fifty Day Moving Average on Disappointing Earnings

MBX Biosciences, Inc. (NASDAQ:MBX)’s share price crossed above its fifty day moving average during trading on Tuesday following a stronger than expected earnings report. The stock has a fifty day moving average of $56.08 and traded as high as $58.12. MBX Biosciences shares last traded at $56.33, with a volume of 1,124,405 shares trading hands.

The company reported ($1.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.49).

Analyst Upgrades and Downgrades

MBX has been the topic of a number of recent analyst reports. Truist Financial upped their price target on shares of MBX Biosciences from $70.00 to $88.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Barclays reaffirmed an “overweight” rating and issued a $88.00 price target on shares of MBX Biosciences in a report on Friday, August 7th. Citigroup reiterated a “market outperform” rating on shares of MBX Biosciences in a research note on Tuesday, October 27th. Stifel Nicolaus boosted their price objective on shares of MBX Biosciences from $70.00 to $84.00 and gave the company a “buy” rating in a report on Monday, October 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of MBX Biosciences in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, MBX Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $87.00.

Institutional Investors Weigh In On MBX Biosciences

Several hedge funds have recently added to or reduced their stakes in MBX. Wellington Management Group LLP boosted its stake in shares of MBX Biosciences by 55.9% in the second quarter. Wellington Management Group LLP now owns 4,977,523 shares of the company’s stock worth $274,759,000 after buying an additional 1,785,699 shares during the last quarter. BlackRock Inc. purchased a new position in MBX Biosciences during the second quarter valued at approximately $183,467,000. Parkman Healthcare Partners LLC purchased a new position in MBX Biosciences during the second quarter valued at approximately $44,170,000. Bank of America Corp DE acquired a new position in MBX Biosciences in the second quarter valued at approximately $16,501,000. Finally, Stempoint Capital LP lifted its holdings in MBX Biosciences by 535.8% in the first quarter. Stempoint Capital LP now owns 499,469 shares of the company’s stock valued at $14,909,000 after acquiring an additional 420,916 shares during the period.

MBX Biosciences Trading Up 4.2%

The company has a 50-day simple moving average of $56.08 and a 200 day simple moving average of $46.10. The firm has a market cap of $2.71 billion, a PE ratio of -18.35 and a beta of 0.17.

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.