MBX Biosciences Inc.: Positive early signals from monthly GLP-1/GIP at Obesity Day

研报英文原文证据摘录

MBX Biosciences Inc.: Positive early signals from monthly GLP-1/GIP at Obesity Day

Equity Research

U.S. Small & Mid Cap Biotechnology

11 May 2026

MBX Biosciences Inc.

Positive early signals from

monthly GLP-1/GIP at Obesity Day

MBX presented PK/PD, early blinded weight loss, and MBX OVERWEIGHT

tolerability data from MBX 4291 at Obesity Day. We think the Unchanged

U.S. Small & Mid Cap

data is early but shows encouraging signs of activity that at Biotechnology POSITIVE

Unchanged

this stage look to be competitive. Obesity is crowded, but the Price Target USD 70.00

raised 6% from USD 66.00market is very large, and a tolerable oral could be big.

Price (08-May-26) USD 40.97

Potential Upside/Downside +70.9%We attended MBX's Obesity Day (see our first note on the new data reported). MBX reported

Source: Bloomberg, Barclays Research

initial Ph1 data from a Part B MAD cohort at 8 weeks from its GLP-1/GIP MBX 4291, nominated its

amycretin program candidate MBX 5765 (a GLP-1/GIP/glucagon/DACRA (amylin + calcitonin)),

Market Cap (USD mn) 1949and reported Ph2a PoC data in PBH (but will not be further investing in PBH going forward). For

Shares Outstanding (mn) 47.60'4291 from the first MAD cohort data, the study remains blinded but MBX reported a mean

Free Float (%) 74.35weight loss of ~7% (range 0-16%) at 8 weeks (n=6 active and n=2 placebo). We think the early

52 Wk Avg Daily Volume (mn) 0.7blinded data shows signs of activity and looks at this stage to be competitive with the space. In

Dividend Yield (%) N/Aparticular we think the weekly self titrating mechanism could improve tolerability, and with this

Return on Equity TTM (%) -39.19self-titration patients can reach higher monthly doses which could have the potential for deeper

Current BVPS (USD) 8.22weight loss vs competitors.