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Wednesday, JMP Securities analysts, led by Jonathan Wolleben, have maintained a Market Outperform rating and a $38.00 price target on MBX Biosciences Inc (NASDAQ:MBX), focusing on the upcoming data from the company’s Phase 2 trial. According to InvestingPro data, analyst consensus remains strongly bullish with targets ranging from $30 to $44, suggesting significant upside potential from the current trading price of $8.64. The trial is evaluating canvuparatide for the treatment of hypoparathyroidism (HP (NYSE:HPQ)), with results expected in the third quarter of 2025. The primary endpoint of the study is a responder analysis, identifying patients who can reduce or eliminate their need for vitamin D and calcium supplements while maintaining normal serum calcium levels.
The Phase 2 trial is designed with a 90% power to detect a 48% placebo-adjusted response rate. Analysts at JMP Securities believe that a 45%-65% placebo-adjusted response rate would position canvuparatide competitively in the market. The ongoing trial, which measures responses at 12 weeks, suggests that the placebo-adjusted response rate could improve further during a longer Phase 3 trial. With a market capitalization of $289 million and an overall Financial Health score rated as ’FAIR’ by InvestingPro, the company appears positioned to support its development programs.
Canvuparatide stands out in its development stage as the only weekly subcutaneous parathyroid hormone (PTH) analog, which could differentiate it from other treatments such as Yorvipath, already approved, and eneboparatide, which has recently completed a Phase 3 trial. Both of these alternatives require daily injections.
MBX Biosciences is also advancing its pipeline with additional trials slated for the second half of 2025. These include a Phase 2 trial for MBX 1416, a weekly GLP-1 antagonist aimed at treating post-bariatric hypoglycemia (PBH), and a Phase 1 trial for MBX 4291, a monthly GLP-1/GIP agonist in development for obesity. Data from these programs are anticipated in 2026, marking significant milestones for the company’s diverse therapeutic portfolio. The company maintains a strong liquidity position with a current ratio of 24.19 and minimal debt, though InvestingPro analysis indicates rapid cash burn - a critical factor for investors to monitor. Get access to 8 more exclusive ProTips and comprehensive financial analysis through InvestingPro’s detailed research reports.
In other recent news, MBX Biosciences has reported its fourth quarter earnings, revealing an adjusted loss of -$0.47 per share. The company highlighted significant progress in its clinical pipeline, including the completion of enrollment for the Phase 2 Avail trial of canvuparatide for hypoparathyroidism, with results anticipated in Q3 2025. MBX also plans to initiate a Phase 2 trial for MBX 1416 in post-bariatric hypoglycemia later in 2025 and is preparing to submit an Investigational New Drug application for its obesity treatment, MBX 4291, in Q2 2025. The company ended 2024 with $262.1 million in cash and equivalents, which is expected to support operations into mid-2027.
Additionally, MBX Biosciences announced the appointment of Steve Hoerter as an independent director to its Board of Directors. Hoerter brings over 30 years of pharmaceutical industry experience, including leadership roles at Deciphera Pharmaceuticals (NASDAQ:DCPH) and Agios Pharmaceuticals. His expertise is expected to aid MBX in advancing its pipeline of treatments for endocrine and metabolic disorders.
Furthermore, Citizens JMP initiated coverage on MBX Biosciences with a Market Outperform rating and a price target of $38. This endorsement reflects optimism about MBX’s innovative approach to drug development and its potential market opportunities. The company’s strategy focuses on clinically-validated targets and large market needs, which could position it favorably in the biotechnology sector.
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