This new GLP-1 play is on a tear. UBS sees nearly a 50% gain from here

MBX Biosciences has more than tripled over the past year, but there’s likely more to go as the biotech makes progress on developing a new GLP-1 treatment, according to UBS. The investment bank has a buy rating on MBX, and in a report out Monday left a $60 price target on the stock, implying nearly 50% upside from Friday’s close. “The data looks positive and promising with early proof of concept and competitive on efficacy and… improved tolerability – which is key,” analyst Michael Yee said Monday in a note to clients, referring to new data from MBX Biosciences’ ongoing GLP-1 and glucose-dependent insulinotropic polypeptide receptor (GIPR) phase-one obesity study. Shares have surged more than 230% over the past year as the market for weight-management drugs, including GLP-1s, has exploded . MBX 1Y mountain MBX Biosciences is up more than 230% over the past 12 months. Type-2 diabetes and obesity treatments raked in a combined $79 billion in sales in 2025. The global market for those drugs could hit $190 billion by 2035, according to a recent report from Morgan Stanley. The UBS analyst said that MBX Biosciences’ GLP-1 was slightly more effective at four weeks than tirzepatide, the active ingredient in Eli Lilly ‘s Zepbound. In addition, the drug appears to be exceptionally well tolerated among trial users — which may help differentiate it from competing products. UBS’ bullish matches the consensus on Wall Street, where 10 of 11 analysts covering MBX rate it a buy or strong buy.