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MBX Biosciences , Inc. (NASDAQ:MBX), a $396 million market cap pharmaceutical company based in Carmel, Indiana, announced changes to its board of directors following its annual stockholders meeting held on Thursday. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 23.31, though its stock has declined 46% over the past six months. The company reported that Carl L. Gordon, Ph.D., CFA, has departed from the board after serving since July 2020. Dr. Gordon’s term concluded at the recent meeting.
The stockholders approved the election of two Class I directors, Tiba Aynechi, Ph.D., and P. Kent Hawryluk, each to serve a three-year term ending at the 2028 annual meeting. The voting results showed that Dr. Aynechi received 24,328,105 votes in favor, with 1,662,096 votes withheld and 1,788,025 broker non-votes. Mr. Hawryluk received 24,412,560 votes in favor, 1,577,641 votes withheld, and 1,788,025 broker non-votes.
Additionally, the stockholders ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The ratification received 27,773,930 votes in favor, 3,467 votes against, and 829 abstentions.
This information is based on a press release statement from MBX Biosciences, Inc.
In other recent news, MBX Biosciences reported a fourth-quarter adjusted loss of $0.47 per share, with no analyst estimates provided for comparison. The company highlighted the completion of enrollment for its Phase 2 Avail trial of canvuparatide for hypoparathyroidism, with results expected in the third quarter of 2025. MBX Biosciences plans to initiate a Phase 2 trial for MBX 1416, targeting post-bariatric hypoglycemia, in the latter half of 2025. Furthermore, an Investigational New Drug application for MBX 4291, a candidate for obesity treatment, is scheduled for submission in the second quarter of 2025.
Stifel analysts reiterated their Buy rating and $40 price target for MBX Biosciences, emphasizing the company’s clinical progress. Meanwhile, JMP Securities maintained a Market Outperform rating with a $38 price target, focusing on the anticipated Phase 2 trial data. Citizens JMP also initiated coverage with a Market Outperform rating and a $38 price target, noting MBX’s innovative approach in peptide therapeutics. Additionally, MBX Biosciences appointed Steve Hoerter, a biotech veteran, as an independent director to its Board, bringing over 30 years of industry experience. The company reported cash and equivalents of $262.1 million as of December 31, 2024, which is expected to support operations into mid-2027.
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