Mustang Bio (NASDAQ:MBIO) Shares Down 3.5% – Here’s Why

Mustang Bio, Inc. (NASDAQ:MBIO)’s share price dropped 3.5% during trading on Tuesday . The company traded as low as $0.5310 and last traded at $0.5310. Approximately 18,883 shares traded hands during mid-day trading, a decline of 22% from the average daily volume of 24,280 shares. The stock had previously closed at $0.55.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Mustang Bio in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

Mustang Bio Price Performance

The business’s fifty day moving average price is $0.57 and its 200-day moving average price is $0.68. The stock has a market capitalization of $4.02 million, a PE ratio of -1.18 and a beta of 2.05.

Mustang Bio (NASDAQ:MBIO) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($140.00) by $139.84.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Mustang Bio stock. BlackRock Inc. purchased a new position in Mustang Bio, Inc. (NASDAQ:MBIO) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 84,745 shares of the company’s stock, valued at approximately $59,000. BlackRock Inc. owned 1.12% of Mustang Bio as of its most recent filing with the Securities and Exchange Commission (SEC). 9.95% of the stock is currently owned by hedge funds and other institutional investors.

Mustang Bio Company Profile

Mustang Bio, Inc is a clinical-stage biopharmaceutical company focused on developing cell and gene therapies for cancer and rare genetic diseases. The company’s work centers on engineered immune-cell therapies designed to recognize and destroy cancer cells, as well as genetic medicines intended to address underlying disease causes.

Mustang’s investigational programs have included MB-106, a CD20-targeted chimeric antigen receptor T-cell (CAR-T) therapy being developed for certain B-cell malignancies, and MB-101, an IL13R?2-targeted CAR-T therapy being studied for glioblastoma and other solid tumors.