Mustang Bio (NASDAQ:MBIO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

According to Zacks, “Mustang Bio, Inc. a subsidiary of Fortress Biotech, Inc., is a clinical?stage biopharmaceutical company. It focused on the development and commercialization of novel cancer immunotherapy products designed to leverage the patient’s own immune system to eliminate cancer cells. Mustang Bio, Inc. is based in New York, United States. “

MBIO has been the topic of a number of other research reports. Oppenheimer set a $18.00 price objective on shares of Mustang Bio and gave the stock a “buy” rating in a research note on Tuesday, October 30th. ValuEngine upgraded shares of Mustang Bio from a “sell” rating to a “hold” rating in a research note on Tuesday, October 9th.

NASDAQ:MBIO opened at $3.92 on Wednesday. The firm has a market capitalization of $115.87 million, a PE ratio of -5.23 and a beta of 1.66. Mustang Bio has a 1-year low of $3.70 and a 1-year high of $12.89.

Mustang Bio (NASDAQ:MBIO) last released its quarterly earnings data on Tuesday, November 13th. The company reported ($0.28) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.08). Research analysts forecast that Mustang Bio will post -0.84 EPS for the current fiscal year.

In other Mustang Bio news, Director Lindsay A. Md Rosenwald acquired 50,000 shares of the business’s stock in a transaction dated Friday, November 2nd. The shares were purchased at an average price of $4.41 per share, for a total transaction of $220,500.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in Mustang Bio by 904.5% during the first quarter. BlackRock Inc. now owns 21,646 shares of the company’s stock valued at $237,000 after buying an additional 19,491 shares during the period. Northern Trust Corp grew its position in Mustang Bio by 76.7% during the first quarter. Northern Trust Corp now owns 28,364 shares of the company’s stock valued at $310,000 after buying an additional 12,316 shares during the period. Schwab Charles Investment Management Inc. acquired a new stake in Mustang Bio during the second quarter valued at $216,000. Spark Investment Management LLC acquired a new stake in Mustang Bio during the second quarter valued at $217,000. Finally, Bank of New York Mellon Corp grew its position in Mustang Bio by 252.4% during the second quarter. Bank of New York Mellon Corp now owns 43,557 shares of the company’s stock valued at $300,000 after buying an additional 31,197 shares during the period. Institutional investors own 9.73% of the company’s stock.

About Mustang Bio

Mustang Bio, Inc, a clinical-stage biopharmaceutical company, focuses on the acquisition, development, and commercialization of novel cancer immunotherapy products based on the chimeric antigen receptor engineered T (CAR T) cell technology. The company's CAR T product candidates include MB-101, a IL13Ra2 CAR T cell program which is in Phase I clinical study for glioblastoma; and MB-102, a CD123 CAR T cell program to treat acute myeloid leukemia and blastic plasmacytoid dendritic cell neoplasm; and MB-106, a CD20 CAR T cell program that is in Phase I clinical study for the treatment of B cell non-Hodgkin lymphoma.

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