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Investing.com - Jefferies has initiated coverage on MBX Biosciences Inc (NASDAQ:MBX) with a Buy rating and a price target of $36.00, according to a research note released Friday. Currently trading at $13.21, MBX has received strong analyst support with targets ranging from $30 to $44, according to InvestingPro data.
The coverage initiation follows Jefferies’ recent management meetings where expectations were re-aligned regarding the upcoming Phase 2 PTH 12-week readout for the company’s candidate canvu. The company maintains a strong financial position, with more cash than debt on its balance sheet and a healthy current ratio of 19.5x.
Jefferies indicates that if canvu demonstrates a response rate of approximately 50-60%, along with pharmacokinetic and pharmacodynamic data supporting weekly dosing and a favorable safety profile, the stock could see potential upside of approximately 50-100%.
The research firm believes these results could enable MBX Biosciences to advance to Phase 3 trials with a competitive profile that could capture a significant share of the future hypoparathyroidism market.
Jefferies cautions investors against making cross-trial comparisons with Yorvipath Phase 2/3 studies due to nuanced design differences and the dose-finding nature of the trials.
In other recent news, MBX Biosciences has been the focus of several investment firms, highlighting promising developments. Mizuho initiated coverage on MBX Biosciences with an Outperform rating, citing the potential of its lead asset, canvuparatide, which could reach approximately $3.0 billion in the global parathyroid hormone replacement market for hypoparathyroidism. Oppenheimer also reiterated its Outperform rating and $38.00 price target, noting the upcoming Phase 2 clinical trial results and describing a "positively skewed topline risk/reward" for the company. Additionally, Oppenheimer initiated coverage on MBX Biosciences, emphasizing the potential of its Precision Endocrine Peptide platform to transform treatment standards for endocrine and metabolic diseases.
JMP Securities maintained its Market Outperform rating and $38.00 price target for MBX Biosciences, pointing to positive industry developments in the hypoparathyroidism treatment space. The firm noted increased activity at the ENDO conference, despite some physician hesitancy toward competitor Yorvipath. JMP also highlighted the strong U.S. launch of Yorvipath, with a total addressable market exceeding $15 billion, indicating a significant commercial opportunity for MBX Biosciences. These recent developments reflect continued optimism from analysts regarding MBX Biosciences’ potential in the biopharmaceutical market.
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