Mustang Bio Inc (NASDAQ:MBIO) was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 1,013,700 shares, a drop of 8.9% from the June 30th total of 1,112,800 shares. Based on an average daily volume of 279,900 shares, the days-to-cover ratio is presently 3.6 days. Currently, 6.5% of the shares of the company are short sold.
Institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its position in Mustang Bio by 94.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,646 shares of the company’s stock worth $27,000 after buying an additional 3,708 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Mustang Bio by 0.7% in the 4th quarter. BlackRock Inc. now owns 825,043 shares of the company’s stock valued at $2,426,000 after purchasing an additional 5,566 shares during the period. Geode Capital Management LLC lifted its stake in shares of Mustang Bio by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 170,217 shares of the company’s stock valued at $500,000 after purchasing an additional 6,741 shares during the period. Parametric Portfolio Associates LLC lifted its stake in shares of Mustang Bio by 57.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 27,038 shares of the company’s stock valued at $99,000 after purchasing an additional 9,855 shares during the period. Finally, Citadel Advisors LLC purchased a new position in shares of Mustang Bio in the 2nd quarter valued at approximately $42,000. 6.60% of the stock is currently owned by hedge funds and other institutional investors.
Mustang Bio stock opened at $3.89 on Friday. The stock has a market cap of $150.88 million, a price-to-earnings ratio of -3.41 and a beta of 2.38. The company has a current ratio of 13.10, a quick ratio of 5.64 and a debt-to-equity ratio of 0.21. The company’s 50-day moving average price is $3.31 and its two-hundred day moving average price is $3.78. Mustang Bio has a 52 week low of $2.18 and a 52 week high of $10.20.
Several analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Mustang Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. HC Wainwright started coverage on shares of Mustang Bio in a research note on Tuesday. They set a “buy” rating and a $7.00 target price on the stock. Cantor Fitzgerald started coverage on shares of Mustang Bio in a research note on Thursday, June 20th. They set an “overweight” rating and a $7.00 target price on the stock. Finally, ValuEngine raised shares of Mustang Bio from a “hold” rating to a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $9.13.
About Mustang Bio
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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