Mustang Bio (NASDAQ:MBIO) Shares Down 12.7% – Here’s Why

Mustang Bio, Inc. (NASDAQ:MBIO)’s share price dropped 12.7% during trading on Monday . The company traded as low as $0.22 and last traded at $0.22. Approximately 5,256,523 shares traded hands during trading, a decline of 91% from the average daily volume of 59,629,988 shares. The stock had previously closed at $0.26.

Mustang Bio Stock Down 12.7 %

The firm has a market cap of $10.70 million, a PE ratio of -0.14 and a beta of 1.77. The firm has a 50-day moving average price of $0.20 and a two-hundred day moving average price of $0.27.

Mustang Bio (NASDAQ:MBIO) last announced its earnings results on Friday, November 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.09. Research analysts forecast that Mustang Bio, Inc. will post -0.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Mustang Bio

An institutional investor recently bought a new position in Mustang Bio stock. Thoroughbred Financial Services LLC purchased a new stake in Mustang Bio, Inc. (NASDAQ:MBIO) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 53,000 shares of the company’s stock, valued at approximately $25,000. Thoroughbred Financial Services LLC owned about 0.42% of Mustang Bio as of its most recent SEC filing. 9.95% of the stock is currently owned by institutional investors and hedge funds.

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.