Guggenheim Starts MBX Biosciences Inc (MBX) at Buy

Guggenheim analyst Seamus Fernandez initiates coverage on MBX Biosciences Inc (NASDAQ: MBX) with a Buy rating and a price target of $44.00.

The analyst comments: "Critical to our thesis is MBX 2109, a first-in-class once-weekly peptide targeting what we estimate to be a $7B+ PTH market opportunity. We believe Ph2 results, which the company expects in 3Q25, have a strong chance of meeting the efficacy and safety bar established by ASND's Yorvipath likely driving material (>70%) upside in shares from current levels. In addition, MBX 1416, a once-weekly GLP-1 antagonist addressing what we estimate could be a $2B+ PBH market, will have potential platform-confirming Ph1 PK results in 4Q24, and the company is also in the early stages of developing monthly incretin coagonists (includes MBX 4291, a GLP/GIP) for obesity. In the next 12-18 months, assuming positive Ph 2 results with 2109 that meet our base case assumptions, we believe MBX should be worth at least $44/shr; our bull case scenario could justify shares approaching $84/shr by the end of 2025."

For an analyst ratings summary and ratings history on MBX Biosciences Inc click here. For more ratings news on MBX Biosciences Inc click here.

Shares of MBX Biosciences Inc closed at $24.20 yesterday.

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