** Brokerage Oppenheimer initiates coverage on biotech firm MBX Biosciences MBX.O with PT of $38 and "outperform" rating

** "Our enthusiasm stems from the company's innovative Precision Endocrine Peptide $(PEP)$ platform and its potential to redefine standards in endocrine and metabolic disease treatment," says Oppenheimer

** Brokerage sees its mid-stage experimental treatment, canvuparatide, for hypoparathyroidism as a "key catalyst" for this quarter

** New price target represents a 183.6% upside to the stock's last close

** Brokerage believes co's "lead candidate canvuparatide's once-weekly injections and potentially favorable efficacy to the current daily injectable standard could make it best-in-class—supporting ~$2 billion global peak sales opportunity"

** Brokerage says co's another mid-stage drug, imapextide, which is a long-acting glucagon-like peptide-1 (GLP-1) receptor antagonist, could be more than a $1 billion opportunity

** All five brokerages rate the stock "buy" or higher; their median PT is $38 - data compiled by LSEG

** Up to last close, stock was down 27.3% YTD

(Reporting by Siddhi Mahatole)

((siddhi.mahatole@thomsonreuters.com))