Mustang Bio (NASDAQ:MBIO) Shares Break Above 50-Day Moving Average – Here’s Why

Mustang Bio, Inc. (NASDAQ:MBIO) shares crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $0.45 and traded as high as $0.4890. Mustang Bio shares last traded at $0.4506, with a volume of 211,166 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Mustang Bio in a report on Thursday, October 15th. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Mustang Bio Price Performance

The company’s fifty day simple moving average is $0.45 and its 200 day simple moving average is $0.66.

Mustang Bio (NASDAQ:MBIO) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($140.00) by $139.86.

Institutional Trading of Mustang Bio

A hedge fund recently bought a new stake in Mustang Bio stock. BlackRock Inc. bought a new position in shares of Mustang Bio, Inc. (NASDAQ:MBIO) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 84,745 shares of the company’s stock, valued at approximately $59,000. BlackRock Inc. owned 1.12% of Mustang Bio as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 9.95% of the company’s stock.

About Mustang Bio

Mustang Bio, Inc. is a clinical-stage biopharmaceutical company focused on developing cell and gene therapies for serious diseases, including cancer and rare genetic disorders. The company’s work centers on engineered immune-cell therapies designed to recognize and attack cancer cells, as well as gene therapies intended to address underlying disease causes. Mustang’s development programs have included CAR T-cell therapies for hematologic malignancies and solid tumors. Its pipeline has featured MB-106, an investigational CD20-targeted CAR T-cell therapy for certain B-cell cancers, and programs targeting glioblastoma and other difficult-to-treat cancers.