Mustang Bio (NASDAQ:MBIO) Shares Down 8.6% – Here’s What Happened

Shares of Mustang Bio, Inc. (NASDAQ:MBIO) traded down 8.6% during trading on Tuesday. The stock traded as low as $0.3748 and last traded at $0.3768. 29,692 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 38,460 shares. The stock had previously closed at $0.4124.

Analysts Set New Price Targets

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

Mustang Bio Trading Down 8.6%

The business has a 50-day moving average of $0.53 and a 200 day moving average of $0.63. The firm has a market capitalization of $2.86 million, a PE ratio of -0.84 and a beta of 2.09.

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

Institutional Investors Weigh In On Mustang Bio

An institutional investor recently bought a new stake in Mustang Bio stock. BlackRock Inc. bought a new position in shares of Mustang Bio, Inc. (NASDAQ:MBIO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 84,745 shares of the company’s stock, valued at approximately $59,000. BlackRock Inc. owned approximately 1.12% of Mustang Bio as of its most recent SEC filing. 9.95% of the stock is owned by hedge funds and other institutional investors.

About Mustang Bio

Mustang Bio, Inc is a clinical-stage biotechnology company focused on developing cell and gene therapies for cancer and other serious diseases. The company has historically operated as a subsidiary of Fortress Biotech and has concentrated on engineered T-cell therapies designed to recognize and attack specific tumor targets.

Its development programs have included MB-106, an investigational CD20-targeted CAR T-cell therapy for certain B-cell malignancies, and MB-101, an investigational CAR T-cell therapy targeting IL13Rα2 for glioblastoma and other central nervous system tumors.