MBX Biosciences stock reiterated as Outperform by Oppenheimer despite 30% drop

Investing.com - Oppenheimer has reiterated an Outperform rating and $80.00 price target on MBX Biosciences Inc (NASDAQ:MBX), despite the stock falling 30% since its Phase 2 data announcement. Currently trading at $13.52, the stock sits well below the analyst consensus range of $30-84, according to InvestingPro data.

The research firm noted that MBX shares have underperformed compared to the XBI index, which has gained 9% during the same period. While the stock has dropped nearly 15% in the past week, it has shown resilience with an impressive 83% gain over the last six months. Oppenheimer attributes this decline to limited visibility on upcoming catalysts and uncertain timelines.

Key upcoming milestones for MBX include Phase 2a imapextide data expected by mid-2026 or potentially earlier, initial Phase 1 tolerability data for its obesity treatment in 2026, and full MBX-4291 obesity data committed for 2027.

Oppenheimer believes the company’s Phase 2 canvuparatide data has validated the hypoparathyroidism opportunity and demonstrated the potential of MBX’s broader platform, which includes candidates with mechanisms that have been derisked.

The firm suggests that current share prices fail to reflect these opportunities, pointing to two comparable companies that indicate substantial discounting of MBX’s potential value.

In other recent news, MBX Biosciences has been the focus of several analyst updates and corporate developments. The company announced an upsized public offering, pricing over 11 million shares at $18.00 each, aiming to raise approximately $199.9 million in gross proceeds. This move comes on the heels of positive Phase 2 trial results for its lead drug, canvuparatide, which is being developed for hypoparathyroidism. Analyst firms have responded favorably to these developments, with Guggenheim raising its price target for MBX Biosciences to $84 from $44, maintaining a Buy rating. Mizuho also increased its price target from $38 to $56, citing the drug’s 79% response rate at six months, which compares well with competitors. Truist Securities initiated coverage of MBX Biosciences with a Buy rating and a $50 price target, highlighting the potential of canvuparatide as a best-in-class treatment. Citizens reiterated its Market Outperform rating, with a price target of $61, following positive reception of the Phase 2 data at a recent medical conference. These developments underscore a period of significant activity and interest in MBX Biosciences’ future prospects.

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