Mustang Bio (NASDAQ:MBIO) Stock Falls 8.6% – Here’s Why

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

Analysts Set New Price Targets

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

Mustang Bio Trading Up 4.3%

The company has a fifty day simple moving average of $0.52 and a two-hundred day simple moving average of $0.63. The company has a market cap of $2.93 million, a PE ratio of -0.86 and a beta of 2.09.

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

Institutional Trading of Mustang Bio

An institutional investor 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 its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 176,042 shares of the company’s stock after acquiring 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 SEC filing. Institutional investors and hedge funds own 9.95% of the company’s stock.

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.