First Read: MBX Biosciences "Our Investment Thesis Remains Intact..."

研报英文原文证据摘录

First Read: MBX Biosciences "Our Investment Thesis Remains Intact..."

Global Research

13 July 2026ab

First Read

EquitiesMBX Biosciences

Our Investment Thesis Remains Intact United States

Despite Recent Leadership Changes Biotechnology

12-month rating Buy *

12m price target US$60.00

MBX put out a press release announcing that current President, CEO, and board

member Kent Hawryluk will step down from his role at the company. Current Chair

Steven Hoerter will assume the positions of CEO, and Chairman. In addition, the Board Price (10 Jul 2026) US$61.05

has appointed John Smither, the current Interim CFO, as the Company’s new CFO. All RIC: MBX.O BBG: MBX US

leadership changes are effective immediately. While this mgmt change is somewhat

unexpected, we do not necessarily view it as a negative datapoint for the story. We Trading data and key metrics

would be buyers on any weakness following the announcement and remain confident in 52-wk range US$65.71-9.75

the stock, as well as the differentiated profile of MBX-4291 as a potentially best-in-class, Market cap. US$2.91b

monthly-dosed obesity program. Our core thesis remains unchanged, and we continue Shares o/s 47.6m (COM)

to see meaningful long-term value creation potential as the program advances. Free float 60%

Avg. daily volume ('000) 788

A few things for us to flag: New CEO Steve Hoerter brings years of experience Avg. daily value (m) US$32.2

as both an executive and board chair/member, with a notable track record of Common s/h equity (12/26E) US$0.92b

value creation and deal-making. He joined the MBX board in April 2025 and P/BV (12/26E) 3.3x

previously served as CEO and Director of Deciphera Pharmaceuticals (DCPH) until its Net debt to EBITDA (12/26E) 6.8x

$2.4B acquisition by Ono Pharmaceutical in 2024.