MBX Surprising CEO Change; All Milestones Intact - Q4 12W MAD Data In Focus

研报英文原文证据摘录

MBX Surprising CEO Change; All Milestones Intact - Q4 12W MAD Data In Focus

USA | Biotechnology

MBX Biosciences EquityJulyResearch13, 2026

FLASH NOTEMBX Surprising CEO Change; All Milestones

RATING BUYIntact - Q4 12W MAD Data In Focus

PRICE $60.04^

We caught up with MBX after a surprising leadership transition, with current

Executive Chairman Steve Hoerter assuming Chairman/CEO roles from co- PRICE TARGET | % TO PT $82.00 | +37%

founder/CEO Kent Hawryluk. We don't see this affecting our thesis but rather 52W HIGH-LOW $66.55 - $9.63

as a new chapter for MBX into late-clinical/commercial stage in HP and FLOAT (%) | ADV MM (USD) 63.1% | 59.60

accelerating long-acting obesity franchise. All milestones are on track: Ph3 MARKET CAP $2.8B

initiation for canvu in Q3, and 12W obesity MAD data in Q4 could become key TICKER MBX ^Prior trading day's closing price unless otherwise

inflection point. noted.

Bottom line. While Kent's departure is unexpected, our thesis remains unchanged. The life-cycle

stage of MBX today is markedly different than it was from IPO a few years ago, and we believe this

transition reflects that evolution rather than any change in strategic direction. Kent successfully

guided MBX from formation through IPO and built a pipeline anchored by what we believe is a

best-in-class hypoparathyroidism program and an increasingly differentiated long-acting obesity

franchise. As MBX advances canvuparatide toward Ph3/commercialization and begins to unlock

"tremendous upside" of its obesity franchise, the Board appears to have selected a CEO with

substantial experience leading biotech companies through commercial and strategic transactions.

Hoerter brings a strong record of leadership, strategic execution, and value creation. Most