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

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Mustang Bio in a research note on Friday, July 17th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Mustang Bio has a consensus rating of “Sell”.

Mustang Bio Trading Up 2.9%

The firm has a market cap of $3.99 million, a PE ratio of -1.17 and a beta of 2.05. The firm has a 50 day moving average price of $0.57 and a 200-day moving average price of $0.67.

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

Institutional Investors Weigh In On Mustang Bio

A hedge fund recently raised its position in Mustang Bio stock. Kestra Advisory Services LLC raised its position in Mustang Bio, Inc. (NASDAQ:MBIO) by 58.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 176,042 shares of the company’s stock after buying an additional 65,000 shares during the quarter. Kestra Advisory Services LLC owned approximately 2.32% of Mustang Bio worth $128,000 as of its most recent filing with the Securities and Exchange Commission. 9.95% of the stock is 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 IL13Rα2-targeted CAR-T therapy being studied for glioblastoma and other solid tumors.