Mustang Bio (NASDAQ:MBIO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday. The brokerage presently has a $7.25 target price on the stock. Zacks Investment Research‘s price target suggests a potential upside of 17.31% from the stock’s previous close.

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 upgraded Mustang Bio from a “sell” rating to a “hold” rating in a research note on Wednesday, May 2nd.

Shares of Mustang Bio stock opened at $6.18 on Friday. The stock has a market cap of $173.79 million and a P/E ratio of -8.24. Mustang Bio has a 12 month low of $5.87 and a 12 month high of $13.35.

Mustang Bio (NASDAQ:MBIO) last announced its quarterly earnings data on Monday, August 13th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.06. equities analysts anticipate that Mustang Bio will post -1.01 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Mustang Bio by 3,528.8% in the 2nd quarter. BlackRock Inc. now owns 785,480 shares of the company’s stock valued at $5,411,000 after buying an additional 763,834 shares during the period. Spark Investment Management LLC acquired a new stake in shares of Mustang Bio during the 2nd quarter worth about $217,000. Schwab Charles Investment Management Inc. acquired a new stake in shares of Mustang Bio during the 2nd quarter worth about $216,000. Bank of New York Mellon Corp raised its position in shares of Mustang Bio by 252.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 43,557 shares of the company’s stock worth $300,000 after acquiring an additional 31,197 shares in the last quarter. Finally, Millennium Management LLC raised its position in shares of Mustang Bio by 271.7% during the 1st quarter. Millennium Management LLC now owns 101,029 shares of the company’s stock worth $1,105,000 after acquiring an additional 73,850 shares in the last quarter. Institutional investors and hedge funds own 4.78% 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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