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.
