MBX Biosciences initiated with a Buy at Truist

Truist analyst Srikripa Devarakonda initiated coverage of MBX Biosciences (MBX) with a Buy rating and $50 price target The firm is positive on the company’s potential best-in-class de-risked lead asset canvuparatide with promising Phase 2 data in established endocrine disease and its second asset with potential for best-in-class, offering peak $810M and $230M opportunity in PBH and post-bariatric hypoglycemia respectively, the analyst tells investors in a research note. Truist adds that it sees 2036 peak unadjusted $3.2B sales estimated for canvuparatide, which the firm does not believe is reflected at current levels, noting however that this is an opportunity with a longer term outlook.