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Investing.com - TD Cowen initiated coverage on MBX Biosciences Inc (NASDAQ:MBX) with a Buy rating on Tuesday. The biotech company, currently valued at approximately $922 million, has seen its shares trading at $20.61.
The research firm cited MBX’s validated PEP platform, which is backed by "world-class chemistry with strong management" as key factors in its positive outlook for the company. According to InvestingPro data, MBX holds more cash than debt on its balance sheet, providing financial flexibility for its development programs.
TD Cowen expressed confidence in the company’s Canvu product, which recently delivered Phase II hypopara data that exceeded expectations. The firm believes this positions Canvu for Phase III success with a potential best-in-class profile featuring weekly dosing that could support peak sales exceeding $2 billion. Analyst targets for MBX are bullish, with the highest price target set at $84 - significantly above current levels.
The analyst note also highlighted two additional products in MBX’s pipeline that have not yet been fully valued by the market. These include Ima for PBH and ’4291, which features monthly GLP/GIP dosing. TD Cowen views both as billion-dollar-plus market opportunities.
The firm’s positive assessment of MBX Biosciences ’ product pipeline and management team underpins its Buy recommendation for the biotechnology company’s shares.
In other recent news, MBX Biosciences has been in the spotlight with several significant developments. The company announced the pricing of an upsized public offering, aiming to raise approximately $199.9 million through the sale of over 11 million shares at $18.00 each. This move comes as MBX continues to focus on advancing its precision peptide therapies. In terms of analyst activity, Oppenheimer has reiterated its Outperform rating with an $80 price target, despite a 30% drop in the stock since the Phase 2 data announcement. Truist Securities initiated coverage with a Buy rating and a $50 price target, citing the promising potential of MBX’s lead asset, canvuparatide. Citizens also maintained its Market Outperform rating and a $61 target, following positive feedback on canvuparatide’s Phase 2 data at a recent conference. Additionally, Mizuho raised its price target from $38 to $56, maintaining an Outperform rating, after noting favorable trial results for canvuparatide compared to a competitor’s product. These recent developments highlight the ongoing interest and analysis surrounding MBX Biosciences.
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