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Investing.com - Truist Securities initiated coverage on MBX Biosciences Inc (NASDAQ:MBX) with a Buy rating and a $50.00 price target on Tuesday. The stock, currently trading at $13.52, has shown strong momentum with a 95% gain over the past six months, despite a recent 8% weekly decline. According to InvestingPro data, analysts maintain a Strong Buy consensus with price targets ranging from $30 to $84.
The research firm highlighted MBX’s lead asset canvuparatide as a potential best-in-class treatment with promising Phase 2 data in established endocrine disease, representing the first of five key investment points supporting the positive outlook.
Truist identified a second asset with best-in-class potential, estimating peak opportunities of approximately $810 million and $230 million in post-bariatric hypoglycemia (PBH) markets.
The firm also noted MBX’s monthly GLP-1/GIP asset, though early in development, as a validated treatment that could provide partnering opportunities, along with the company’s proprietary peptide platform that offers potential for growth.
Truist projects 2036 peak unadjusted sales of $3.2 billion and adjusted sales of approximately $1.1 billion for canvuparatide, suggesting these revenue potentials are not reflected in current stock levels.
In other recent news, MBX Biosciences has announced the pricing of its upsized public offering, aiming to generate approximately $199.9 million in gross proceeds by pricing 11,108,055 shares at $18.00 per share. The company had previously filed for a proposed public offering of 10 million shares with the Securities and Exchange Commission, indicating strong interest from investors. Guggenheim has raised its price target for MBX Biosciences to $84, maintaining a Buy rating, following positive results from the AVAIL clinical trial for the drug canvuparatide. Similarly, Mizuho increased its price target to $56, citing favorable Phase 2 trial results for canvuparatide, which showed a 79% response rate. Citizens reiterated its Market Outperform rating with a $61 price target after the positive reception of canvuparatide data at a recent medical conference. These developments come as MBX Biosciences continues to focus on advancing its precision peptide therapies. The company’s recent activities reflect ongoing confidence from both investors and analysts in its potential.
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