Oppenheimer initiates coverage on MBX Biosciences with 'outperform'

Brokerage Oppenheimer initiates coverage on biotech firm MBX Biosciences MBX.O with PT of $38 and "outperform" rating

"Our enthusiasm stems from the company's innovative Precision Endocrine Peptide (PEP) platform and its potential to redefine standards in endocrine and metabolic disease treatment," says Oppenheimer

Brokerage sees its mid-stage experimental treatment, canvuparatide, for hypoparathyroidism as a "key catalyst" for this quarter

New price target represents a 183.6% upside to the stock's last close

Brokerage believes co's "lead candidate canvuparatide's once-weekly injections and potentially favorable efficacy to the current daily injectable standard could make it best-in-class—supporting ~$2 billion global peak sales opportunity"

Brokerage says co's another mid-stage drug, imapextide, which is a long-acting glucagon-like peptide-1 (GLP-1) receptor antagonist, could be more than a $1 billion opportunity

All five brokerages rate the stock "buy" or higher; their median PT is $38 - data compiled by LSEG

Up to last close, stock was down 27.3% YTD