Mustang Bio (MBIO) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research cut shares of Mustang Bio (NASDAQ:MBIO) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday morning.
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. “
Separately, ValuEngine downgraded Mustang Bio from a hold rating to a sell rating in a report on Thursday, August 23rd.
Mustang Bio (NASDAQ:MBIO) last announced its quarterly earnings results on Monday, August 13th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.06. As a group, equities research analysts expect that Mustang Bio will post -0.84 earnings per share for the current year.
Large investors have recently made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of 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 purchasing an additional 19,491 shares in the last quarter. Spark Investment Management LLC bought a new position in shares of Mustang Bio during the second quarter valued at $217,000. A.R.T. Advisors LLC bought a new position in shares of Mustang Bio during the first quarter valued at $186,000. Northern Trust Corp lifted its holdings in shares of 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 purchasing an additional 12,316 shares in the last quarter. Finally, Element Capital Management LLC bought a new position in shares of Mustang Bio during the first quarter valued at $135,000. 9.27% of the stock is currently owned by hedge funds and other institutional investors.
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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