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

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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.

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