Mustang Bio (NASDAQ:MBIO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The brokerage currently has a $3.25 target price on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 16.07% 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. “
Other research analysts also recently issued reports about the company. ValuEngine upgraded Mustang Bio from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. HC Wainwright set a $7.00 target price on Mustang Bio and gave the stock a “buy” rating in a research note on Friday, August 23rd. Finally, Cantor Fitzgerald began coverage on Mustang Bio in a research note on Thursday, June 20th. They set an “overweight” rating and a $7.00 target price for the company. Five research analysts have rated the stock with a buy rating, Mustang Bio currently has a consensus rating of “Buy” and an average target price of $8.81.
MBIO stock opened at $2.80 on Tuesday. The company has a quick ratio of 13.10, a current ratio of 13.10 and a debt-to-equity ratio of 0.21. The business has a 50 day moving average price of $3.72 and a two-hundred day moving average price of $3.69. The company has a market cap of $117.30 million, a price-to-earnings ratio of -2.46 and a beta of 2.10. Mustang Bio has a twelve month low of $2.18 and a twelve month high of $10.20.
Mustang Bio (NASDAQ:MBIO) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.29) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.24) by ($0.05). On average, equities research analysts anticipate that Mustang Bio will post -1.14 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in shares of Mustang Bio by 94.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,646 shares of the company’s stock worth $27,000 after acquiring an additional 3,708 shares during the period. Citadel Advisors LLC bought a new position in shares of Mustang Bio during the 2nd quarter worth approximately $42,000. Parametric Portfolio Associates LLC boosted its stake in shares of Mustang Bio by 57.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 27,038 shares of the company’s stock worth $99,000 after acquiring an additional 9,855 shares during the period. Jane Street Group LLC bought a new position in shares of Mustang Bio during the 2nd quarter worth approximately $117,000. Finally, Quinn Opportunity Partners LLC bought a new position in shares of Mustang Bio during the 2nd quarter worth approximately $131,000. Institutional investors own 26.90% of the company’s stock.
Mustang Bio Company Profile
Mustang Bio, Inc, a clinical-stage biopharmaceutical company, focuses on translating medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors, and rare genetic diseases. Its pipeline focuses on gene therapy programs for rare genetic disorders, chimeric antigen receptor (CAR) engineered T cell (CAR T) therapies for hematologic malignancies, and CAR T therapies for solid tumors.
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