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

Mustang Bio, Inc. (NASDAQ:MBIO) traded down 3.5% on Tuesday . The stock 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 daily volume of 24,280 shares. The stock had previously closed at $0.55.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated 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, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Mustang Bio Trading Down 3.5%

The stock’s 50-day simple moving average is $0.57 and its 200-day simple moving average is $0.68. The firm has a market capitalization of $4.02 million, a P/E ratio of -1.18 and a beta of 2.05.

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

Institutional Trading of Mustang Bio

A hedge fund recently raised its stake in Mustang Bio stock. Kestra Advisory Services LLC boosted its holdings 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. The institutional investor owned 176,042 shares of the company’s stock after buying 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. 9.95% of the stock is currently owned by institutional investors.

About Mustang Bio

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.