Mustang Bio (NASDAQ:MBIO) Stock Price Down 1.3% – Here’s Why

Mustang Bio, Inc. (NASDAQ:MBIO)’s share price traded down 1.3% during trading on Tuesday. The company traded as low as $0.4030 and last traded at $0.4094. 14,429 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 42,897 shares. The stock had previously closed at $0.4150.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Mustang Bio in a report on Thursday, October 15th. One research analyst has rated the stock with a Sell rating. According to data from MarketBeat, the company currently has an average rating of “Sell”.

Mustang Bio Trading Down 1.3%

The company has a market cap of $3.10 million, a PE ratio of -0.91 and a beta of 2.19. The firm’s 50-day simple moving average is $0.47 and its two-hundred day simple moving average is $0.68.

Mustang Bio (NASDAQ:MBIO) last issued 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.

Hedge Funds Weigh In On Mustang Bio

A hedge fund recently raised its stake in Mustang Bio stock. Kestra Advisory Services LLC increased its position in Mustang Bio, Inc. (NASDAQ:MBIO) by 58.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 176,042 shares of the company’s stock after acquiring an additional 65,000 shares during the period. 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 (SEC). Hedge funds and other institutional investors own 9.95% of the company’s stock.

About Mustang Bio

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

Mustang’s development programs have included CAR T-cell therapies for hematologic malignancies and solid tumors. Its pipeline has featured MB-106, an investigational CD20-targeted CAR T-cell therapy for certain B-cell cancers, and programs targeting glioblastoma and other difficult-to-treat cancers.