Mustang Bio (NASDAQ:MBIO) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Mustang Bio (NASDAQ:MBIO) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

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. “

Several other equities analysts also recently issued reports on MBIO. Cantor Fitzgerald initiated coverage on shares of Mustang Bio in a report on Wednesday, November 20th. They set a buy rating and a $7.00 price objective on the stock. HC Wainwright reissued a buy rating and set a $7.00 target price on shares of Mustang Bio in a research note on Tuesday, November 12th. Finally, ValuEngine cut shares of Mustang Bio from a buy rating to a hold rating in a research note on Thursday, November 14th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $8.75.

Shares of NASDAQ:MBIO traded down $0.02 during midday trading on Tuesday, reaching $3.05. 3,015 shares of the company’s stock traded hands, compared to its average volume of 404,065. The company has a market cap of $124.52 million, a P/E ratio of -2.67 and a beta of 2.16. The company has a fifty day simple moving average of $2.96 and a two-hundred day simple moving average of $3.37. The company has a debt-to-equity ratio of 0.24, a quick ratio of 11.82 and a current ratio of 11.82. Mustang Bio has a 1 year low of $2.18 and a 1 year high of $10.20.

Mustang Bio (NASDAQ:MBIO) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.01. As a group, research analysts forecast that Mustang Bio will post -1.14 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. National Asset Management Inc. increased its position in shares of Mustang Bio by 31.0% during the second quarter. National Asset Management Inc. now owns 107,874 shares of the company’s stock worth $397,000 after purchasing an additional 25,549 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Mustang Bio by 94.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,646 shares of the company’s stock valued at $27,000 after purchasing an additional 3,708 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Mustang Bio during the second quarter worth $364,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Mustang Bio by 60.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 70,414 shares of the company’s stock worth $260,000 after buying an additional 26,635 shares in the last quarter. Finally, Quinn Opportunity Partners LLC acquired a new stake in shares of Mustang Bio in the second quarter valued at about $131,000. Institutional investors and hedge funds own 26.71% 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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