MBX Biosciences initiated with a Sell at Goldman Sachs

Goldman Sachs initiated coverage of MBX Biosciences (MBX) with a Sell rating and $18 price target The key issue for MBX over the next year will be whether its platform shows validity beyond canvuparatide, with upcoming Phase 2a Post-Bariatric Hypoglycemia data in 2Q26 serving as the next major catalyst but likely falling short of demonstrating meaningful differentiation and driving a challenging risk/benefit profile, the analyst tells investors in a research note. While canvuparatide’s long-term extension data appear relatively de-risked, and early-stage obesity data in 4Q26 could help validate the platform, these programs remain early, supporting a cautious outlook despite recent stock strength and potential upside from future business development, Goldman says.