MBX Biosciences *SLIDES* Q4 Obesity Readout Should Be Strong; Raise PT to $90 + Reiterate Top Pick

研报英文原文证据摘录

MBX Biosciences *SLIDES* Q4 Obesity Readout Should Be Strong; Raise PT to $90 + Reiterate Top Pick

alongside very limited GI adverse events, including only one mild case of diarrhea and no

reports of nausea or vomiting. In our view, these results compare favorably with weekly

standards and further de-risk the upcoming Q4 dataset from the 12-week MAD Part C

study (N=30).

We do not believe the recent management change fundamentally alters our

investment thesis on MBX. While the leadership transition may suggest no immediate

strategic changes, we view it as a typical evolution as the company matures from a

startup-stage organization into a later-stage development company. New CEO Steve

Hoerter brings extensive biotech leadership and value-creation experience, having led

Deciphera Pharmaceuticals through its transition to a commercial-stage company and

eventual $2.4B acquisition by Ono Pharmaceutical. He also previously served on the

boards of Constellation Pharmaceuticals and Ignyta prior to their respective acquisitions.

Importantly, former CEO and co-founder Kent Hawryluk is expected to retain a

meaningful equity stake in the company, which we view as a positive indication of

continued alignment among management, the board, and shareholders around MBX's

long-term objectives and value creation strategy.

Overall, we think the PTH program provides a solid support level for the stock.

The program remains on track to enter Phase III in Q3, and the recently disclosed one-

year PTH data reinforce our confidence in canvuparatide as a once-weekly PTH

replacement therapy offering greater convenience relative to once-daily alternatives. We

continue to believe canvuparatide has the potential to become a preferred option for