1Y Data Support A Good Weekly PTH Tx and Long-acting Obesity Ph1 12w Data in 4Q

研报英文原文证据摘录

1Y Data Support A Good Weekly PTH Tx and Long-acting Obesity Ph1 12w Data in 4Q

USA | Biotechnology

MBX Biosciences EquityJuneResearch12, 2026

COMPANY UPDATE1Y Data Support A Good Weekly PTH Tx and

RATING BUYLong-acting Obesity Ph1 12w Data in 4Q

PRICE $37.25^

MBX reported 1Y OLE data of weekly PTH canvu showing ~57% 3-component

response, while lower than 63%/ 79% at 3/ 6mo, mostly driven by pt variability, PRICE TARGET | % TO PT $82.00 | +120%

clearly supporting commercial use and within competitive range given weekly 52W HIGH-LOW $45.85 - $9.43

vs. daily comp. We see this data as an overhang removed supporting FLOAT (%) | ADV MM (USD) 63.1% | 27.80

cleaner story into obesity Ph1 12w data in 4Q, to build another major value MARKET CAP $1.7B

driver as long-acting obesity player, particularly following recent ADA comp TICKER MBX ^Prior trading day's closing price unless otherwise

underwhelming data. noted.

Bottom line. We think 1Y OLE outcome largely was in line with expectations and confirmed theses. FY (Dec) CHANGE TO JEFe JEF vs CONS

Data reinforced that weekly canvu is a meaningful option for HP, likely taking sig share, as response 2026 2027 2026 2027

and durability was comparable to daily PTH Ph2 with sig improvement on Tx burden with weekly REV NA NA NA NA

vs. daily injection (note, ~10-20% efficacy delta considered acceptable to physicians. See KOL Call for

EPS NA NA NA NA

detailed discussions). Note, Ph3 data could further improve efficacy vs. Ph2 with optimal starting dose/

titration, commercial device and close assessment, potentially matching daily Tx to further enhance the

2026 ($) Q1A Q2 Q3 Q4 FY

competitive profile.

EPS (0.51) (0.70) (0.87) (0.98) (3.09)