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Investing.com - Mizuho raised its price target on MBX Biosciences Inc (NASDAQ:MBX) to $56.00 from $38.00 on Wednesday, while maintaining an Outperform rating on the stock. According to InvestingPro data, analyst targets for MBX range from $30 to $84, with the stock showing remarkable momentum, gaining over 90% in the past week.
The price target increase follows positive Phase 2 trial results for MBX’s canvuparatide in hypoparathyroidism, which showed a 79% response rate at 6 months. This response rate compares favorably to competitor Ascendis Pharma’s commercialized Yorvipath, which demonstrated a 73.8% response rate at week 26 in Phase 3 trials.
Mizuho noted that while the Phase 2 trial showed a high placebo response rate at week 12, MBX management believes this rate should decline in Phase 3 with a larger sample size and longer study period.
Physicians consulted by Mizuho see potential for 30-40% adoption of canvuparatide, even if its efficacy is not as strong as daily Yorvipath, due to its once-weekly injection schedule that reduces injections by approximately 85% annually compared to daily treatments.
The firm’s price target increase was partially offset by dilution from MBX’s equity raise, according to Mizuho’s research note.
In other recent news, MBX Biosciences Inc. has announced positive results from its Phase 2 Avail trial for the hypoparathyroidism drug canvuparatide, achieving the primary endpoint with statistical significance. The trial demonstrated that 63% of treated patients maintained normal serum calcium levels without conventional therapy, compared to 31% in the placebo group. Following these results, Guggenheim raised its price target for MBX Biosciences to $84 from $44, maintaining a Buy rating. Additionally, MBX Biosciences has filed for a public offering of 10 million shares, with an option for underwriters to purchase an additional 1.5 million shares. The company has also initiated a Phase 1 trial of its obesity treatment candidate, MBX 4291, which will assess safety and efficacy in adults with obesity. This trial is structured as a randomized, double-blind, placebo-controlled study. These developments indicate ongoing progress in MBX Biosciences’ clinical pipeline.
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