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

Mustang Bio, Inc. (NASDAQ:MBIO)’s stock price dropped 12.7% during mid-day trading on Monday . The company traded as low as $0.22 and last traded at $0.22. Approximately 5,256,523 shares changed 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 Price Performance

The company has a market cap of $6.00 million, a PE ratio of -0.08 and a beta of 1.77. The stock has a 50 day simple moving average of $0.20 and a two-hundred day simple moving average of $0.27.

Mustang Bio shares are set to reverse split on Thursday, January 16th. The 1-50 reverse split was announced on Tuesday, January 14th. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, January 15th.

Mustang Bio (NASDAQ:MBIO) last announced its earnings results on Friday, November 8th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. As a group, equities analysts anticipate that Mustang Bio, Inc. will post -0.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Mustang Bio

A hedge fund recently bought a new stake in Mustang Bio stock. Thoroughbred Financial Services LLC bought a new position in shares of Mustang Bio, Inc. (NASDAQ:MBIO) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 53,000 shares of the company’s stock, valued at approximately $25,000. Thoroughbred Financial Services LLC owned 0.42% of Mustang Bio at the end of the most recent quarter. 9.95% of the stock is owned by hedge funds and other institutional investors.

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.