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Tag: MBIO

  • Mustang Bio, Inc. (MBIO) stock Further Up After Hours Following an SEC Filing

    On February 04, Mustang Bio, Inc. (MBIO) filed a Statement of Ownership with the Securities Exchange Commission. While the stock was already in the green it added a further 8.33% after hours, following the filing.

    MBIO stock had already added 6.93% in the regular session, at its closing price of $1.08. The stock continued to increase after hours to reach $1.17 at a volume of 52.23K shares.

    The clinical-stage biopharmaceutical company, Mustang Bio, Inc. develops T cell immunotherapies along with gene therapies. Founded in 2015, the company has a market capitalization of $100.9 million. Currently, its 92.58 million shares are outstanding in the market.

    What happened?

    On Friday, the company filed a Statement of Ownership, Form SC 13G with the SEC regarding the acquisition of beneficial ownership by BlackRock, Inc. Following the filing, MBIO stock increased further after hours. Since the stock was already in an uptrend, there is no surety of the stock’s movement in relation to the filing. Additionally, the stock also went down to its 52-week low of $0.9907 during the regular session on Friday. This may also have something to do with the stock advancement after hours. Investors might have taken the new 52-week low as a good buying opportunity.

    To assess the stock’s overall movement, MBIO currently stands at a year-to-date loss of 34.94%. Moreover, the stock went down by 76.87% last year.

    MBIO’s MB-207 Updates

    On January 24, the company provided an update regarding its IND application for MB-207. MB-207 is the company’s Lentiviral Gene Therapy. In December 2021, MBIO submitted MB-207’s IND applications for commencing its Phase 2 study. The study will be evaluating MB-207 in the treatment of X-linked severe combined immunodeficiency (X-SCID) or bubble boy disease.

    As per the update, the IND application for MB-207 has been put under hold by the FDA. The reason for this hold is its pending Chemistry Manufacturing and Controls (CMC) clearance.

    Previously, MB-207 had been granted Orphan Drug and Rare Pediatric Disease designations by the FDA. Furthermore, with the approval of an MB-207 Biologics License Application, it will also be eligible for an RPD voucher.

    MBIO’s Financial Highlights

    In the third quarter of 2021, MBIO has a net loss of $17.0 million ($0.19/share) against $13.0 million ($0.23/share) in Q3 of 2020.

    Additionally, the company ended the quarter with cash, cash equivalents, and restricted cash of $121.9 million.

  • Mustang Bio, Inc. (MBIO) Stock Showing Muted Response to This News

    Mustang Bio, Inc. (MBIO) is a leading biotherapeutics firm engaged in development of gene therapies to cure oncological disorders. One of the lead pipeline candidate therapy of the company is CAR-T used in treating solid tumors. Other candidates include MB-107 and MB-102 used for their therapeutic potential against X-linked severe combined immunodeficiency.

    The price of MBIO stock during the regular trading on January 24, 2022 was $1.30. At last check in the premarket on January 25, 2022, the stock showed no significant change.

    MBIO: Events and Happenings

    On January 24, 2022, MBIO reported about FDA issued hold on its IND application for Phase 2 trial of MB-207 as the Chemistry, Manufacturing and Controls were not clear.

    MBIO: CEO Comments

    Speaking at the occasion, MBIO’s CEO Manuel Litchman said that the company appreciated the support of FDA through the advancement of MB-107 and MB-207 as potential lead candidates. He further added that the company is looking forward to initiate its Phase 2 study of MB-107 under the company’s sponsored IND.

    On January 07, 2022, MBIO reported that the interim data of MB-106 was nominated for a poster presentation at the 2022 Tandem Meetings I Transplantation & Cellular Therapy Meetings being held on February 2 – 6, 2022.

    On January 05, 2022, MBIO reported that the company’s Executives presented at three invertor conferences, held virtually.

    • 11thAnnual LifeSci Partners Corporate Access Event held on January 7.
    • C. Wainwright BioConnect Conference held on January 10.
    • Riley Securities’ Oncology Conference being held on January 28, 2022.

    On December 16, 2021, MBIO reported about its addition to NASDAQ Biotechnology Index with effect from December 20, 2021. On December 09, 2021, MBIO reported about hosting a webinar on MB-106 held on December 16, 2021.

    MBIO: Key Financials

    On November 12, 2021, MBIO reported its financial outcomes for the third quarter ended September 30, 2021. Some of the key updates are as follows.

    Net Loss per Share

    Basic and diluted net loss per share in Q3 2021 was $17.0 million, or $0.19 versus $13.0 million, or $0.23, for the same quarter of 2020.

    Assets

    Total current assets of the company recorded in Q3 2021 were $121 million.

    Conclusion

    MBIO stock dipped 52% the past six months due to prevalence of pandemic globally. No change in the stock price in the current premarket is the result of hold placed by FDA on the company’s IND application for MB-207. The analysts are of the view that the company will recover on a faster pace from this situation with the help of its partners.