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Investing.com - MBX Biosciences Inc (NASDAQ:MBX), currently trading at $13.40, maintained its Market Outperform rating and $38.00 price target from JMP Securities, which cited positive industry developments in the hypoparathyroidism (hypoPTH) treatment space. According to InvestingPro data, analyst targets for MBX range from $30 to $44, suggesting significant upside potential.
JMP noted increased hypoparathyroid activity at this year’s ENDO conference, the first annual meeting since competitor Yorvipath’s approval last summer. The firm observed that while long-term data for Yorvipath looks promising, some physicians remain hesitant to prescribe it despite new guidelines recommending its use. With a strong financial health score and more cash than debt on its balance sheet, MBX appears well-positioned to advance its development programs.
MBX is expected to report Phase 2 data for its once-weekly PTH analog canvuparatide this quarter from its Avail trial, which is powered to show a 55% response rate versus 7% for placebo. JMP suggests positive results could send MBX shares back to the $20-$25 range.
Patient feedback at the ENDO conference indicated that canvuparatide’s once-weekly dosing would represent a significant improvement over existing daily treatments. Conference presenters also emphasized that despite Yorvipath’s availability, additional therapeutics are needed in the hypoPTH space.
The U.S. total addressable market for hypoPTH exceeds $15 billion, which JMP believes is large enough to support multiple therapeutics, positioning MBX’s canvuparatide as a promising pipeline candidate in this substantial market. With a current market capitalization of $448 million, InvestingPro subscribers can access detailed analysis and 12 additional ProTips to better evaluate MBX’s potential in this growing market.
In other recent news, MBX Biosciences has been highlighted for its strong U.S. launch of Yorvipath, a treatment for hypoparathyroidism, with JMP Securities maintaining a Market Outperform rating and a $38.00 price target. The company is also progressing with its clinical pipeline, having submitted an Investigational New Drug application to the FDA for MBX 4291, a once-monthly obesity treatment. Stifel has reiterated its Buy rating and $40.00 price target for MBX Biosciences, emphasizing the upcoming Phase 2b AVAIL clinical trial data for canvuparatide, a potential alternative to Yorvipath. The AVAIL trial aims to demonstrate the efficacy of canvuparatide’s weekly administration for hypoparathyroidism patients. Additionally, MBX Biosciences announced changes to its board of directors, with the election of two new Class I directors and the ratification of Ernst & Young LLP as its accounting firm. Financially, the company is well-positioned with $240.8 million in cash and equivalents, supporting operations into mid-2027. MBX’s ongoing developments and analyst support indicate a promising outlook for its expanding treatment portfolio.
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