MBX Biosciences (MBX) stock saw a massive rally on Monday after the clinical-stage biopharmaceutical company posted results from a Phase 2 clinical trial of canvuparatide. Canvuparatide is a parathyroid hormone peptide prodrug that is designed as a potential long-acting hormone replacement therapy for the treatment of chronic hypoparathyroidism (HP). This is a disorder where the parathyroid glands produce insufficient parathyroid hormone (PTH).
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The big news here is that the Phase 2 clinical trial met its primary endpoint, as 63% of canvuparatide-treated patients met the prespecified primary composite endpoint with zero contribution from PRN rescue therapy. In the open-label extension, 79% of patients achieved responder status at 6 months.
Kent Hawryluk, President and CEO of MBX Biosciences, said, “These 12-week and 6-month results represent the potential for a meaningful improvement over current treatment options for HP patients and provide a strong foundation for further development. We look forward to sharing additional once-weekly canvuparatide clinical data at an upcoming medical meeting as we prepare for initiation of our Phase 3 trial.”
MBX Biosciences Stock Movement Today
MBX Biosciences stock rallied 138.1% in pre-market trading on Monday, following a 0.7% slip on Friday. The shares have also decreased 45.74% year-to-date and 55.1% over the past 12 months. With that came heavy trading, as some 10.5 million shares changed hands, compared to a three-month daily average of about 422,000 units.
Is MBX Biosciences Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for MBX Biosciences is Strong Buy, based on five Buy ratings over the past three months. With that comes an average MBX stock price target of $39.50, representing a potential 295% upside for the shares.
