Mustang Bio (NASDAQ:MBIO) Shares Cross Above Fifty Day Moving Average – Here’s Why

Mustang Bio, Inc. (NASDAQ:MBIO) shares passed 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.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Mustang Bio in a research note on Thursday, October 15th. One equities research analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Mustang Bio Stock Performance

The firm has a market cap of $3.41 million, a price-to-earnings ratio of -1.00 and a beta of 2.19. The business has a fifty day moving average of $0.45 and a two-hundred day moving average of $0.67.

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

Institutional Inflows and Outflows

An institutional investor recently raised its position in Mustang Bio stock. Kestra Advisory Services LLC increased its holdings in Mustang Bio, Inc. (NASDAQ:MBIO) by 58.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 176,042 shares of the company’s stock after buying an additional 65,000 shares during the period. Kestra Advisory Services LLC owned about 2.32% of Mustang Bio worth $128,000 as of its most recent SEC filing. 9.95% of the stock is currently owned by hedge funds and other institutional investors.

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.