Zacks Investment Research lowered shares of Mustang Bio (NASDAQ:MBIO) from a strong-buy rating to a hold rating in a research 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. “
Separately, ValuEngine cut Mustang Bio from a hold rating to a sell rating in a research note on Wednesday.
Mustang Bio (NASDAQ:MBIO) last issued its quarterly earnings results on Monday, August 13th. The company reported ($0.19) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.25) by $0.06. On average, equities analysts predict that Mustang Bio will post -0.84 EPS for the current year.
Hedge funds have recently modified their holdings of the stock. Element Capital Management LLC purchased a new stake in Mustang Bio in the first quarter worth $135,000. A.R.T. Advisors LLC purchased a new stake in Mustang Bio in the first quarter worth $186,000. BlackRock Inc. grew its stake in Mustang Bio by 904.5% in the first quarter. BlackRock Inc. now owns 21,646 shares of the company’s stock worth $237,000 after purchasing an additional 19,491 shares during the period. Northern Trust Corp grew its stake in Mustang Bio by 76.7% in the first quarter. Northern Trust Corp now owns 28,364 shares of the company’s stock worth $310,000 after purchasing an additional 12,316 shares during the period. Finally, Schwab Charles Investment Management Inc. purchased a new stake in Mustang Bio in the second quarter worth $216,000. 9.27% of the stock is currently owned by institutional investors.
Mustang Bio Company Profile
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.
Recommended Story: How to calculate the intrinsic value of a stock
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Mustang Bio Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mustang Bio and related companies with MarketBeat.com's FREE daily email newsletter.