Mustang Bio (MBIO) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Mustang Bio (NASDAQ:MBIO) from a hold rating to a sell rating in a research report released on Wednesday.

According to Zacks, “Mustang Bio, Inc. a subsidiary of Fortress Biotech, Inc., is a clinical?stage biopharmaceutical company. It focused on the development and commercialization of novel cancer immunotherapy products designed to leverage the patient’s own immune system to eliminate cancer cells. Mustang Bio, Inc. is based in New York, United States. “

A number of other equities research analysts have also recently issued reports on MBIO. ValuEngine cut shares of Mustang Bio from a hold rating to a sell rating in a report on Thursday, August 23rd. Oppenheimer set a $18.00 price objective on shares of Mustang Bio and gave the stock a buy rating in a report on Tuesday, October 30th.

Shares of NASDAQ:MBIO opened at $4.15 on Wednesday. Mustang Bio has a 1 year low of $3.70 and a 1 year high of $12.89.

Mustang Bio (NASDAQ:MBIO) last issued its quarterly earnings data on Tuesday, November 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.08). Analysts forecast that Mustang Bio will post -0.98 EPS for the current fiscal year.

In other news, Director Lindsay A. Md Rosenwald purchased 50,000 shares of the firm’s stock in a transaction on Friday, November 2nd. The stock was bought at an average cost of $4.41 per share, for a total transaction of $220,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Morgan Stanley boosted its holdings in Mustang Bio by 132.6% during the third quarter. Morgan Stanley now owns 82,712 shares of the company’s stock valued at $492,000 after acquiring an additional 47,149 shares during the period. BlackRock Inc. boosted its holdings in Mustang Bio by 4.3% during the third quarter. BlackRock Inc. now owns 819,477 shares of the company’s stock valued at $4,875,000 after acquiring an additional 33,997 shares during the period. Northern Trust Corp boosted its holdings in Mustang Bio by 528.5% during the second quarter. Northern Trust Corp now owns 178,267 shares of the company’s stock valued at $1,228,000 after acquiring an additional 149,903 shares during the period. Bank of New York Mellon Corp boosted its holdings in Mustang Bio by 252.4% during the second quarter. Bank of New York Mellon Corp now owns 43,557 shares of the company’s stock valued at $300,000 after acquiring an additional 31,197 shares during the period. Finally, Spark Investment Management LLC bought a new stake in Mustang Bio during the second quarter valued at about $217,000. Institutional investors own 9.73% of the company’s stock.

Mustang Bio Company Profile

Mustang Bio, Inc, a clinical-stage biopharmaceutical company, focuses on the acquisition, development, and commercialization of novel cancer immunotherapy products based on the chimeric antigen receptor engineered T (CAR T) cell technology. The company's CAR T product candidates include MB-101, a IL13Ra2 CAR T cell program which is in Phase I clinical study for glioblastoma; and MB-102, a CD123 CAR T cell program to treat acute myeloid leukemia and blastic plasmacytoid dendritic cell neoplasm; and MB-106, a CD20 CAR T cell program that is in Phase I clinical study for the treatment of B cell non-Hodgkin lymphoma.

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