Jefferies analyst Michael Yee maintained a Buy rating on MBX Biosciences, Inc. (MBX – Research Report) yesterday and set a price target of $35.00.
Michael Yee has given his Buy rating due to a combination of factors that highlight MBX Biosciences, Inc.’s promising outlook. The company has a significant cash reserve of $261 million, which is expected to sustain operations until mid-2027, providing financial stability. Additionally, the upcoming Phase II data for their weekly PTH treatment in the third quarter is anticipated to be a key catalyst, especially given the positive results from the Phase I trials. The recent decline in stock price, which is now trading below its IPO price, presents an attractive entry point for investors.
Furthermore, MBX’s market potential is underscored by the strong performance of a competitor’s daily PTH product, indicating a robust market opportunity. The Phase II study is fully enrolled, exceeding initial targets, and aims to demonstrate a high response rate, which could lead to substantial peak sales in the estimated $4 billion PTH market. The company’s strategic initiatives, including the development of a long-acting GLP1 for obesity, add further potential upside, making MBX a compelling investment with a favorable risk/reward profile.
MBX’s price has also changed dramatically for the past six months – from $21.500 to $8.850, which is a -58.84% drop .