Short Interest in Mustang Bio Inc (NASDAQ:MBIO) Declines By 8.9%

Mustang Bio Inc (NASDAQ:MBIO) saw a significant drop in short interest in 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 currently 3.6 days. Currently, 6.5% of the company’s stock are short sold.

MBIO stock traded up $0.20 during midday trading on Friday, reaching $3.89. 437,100 shares of the company were exchanged, compared to its average volume of 538,701. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.64 and a current ratio of 13.10. Mustang Bio has a 1-year low of $2.18 and a 1-year high of $10.20. The stock’s 50-day simple moving average is $3.31 and its 200 day simple moving average is $3.78. The company has a market cap of $142.92 million, a price-to-earnings ratio of -3.41 and a beta of 2.38.

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Mustang Bio by 117.8% during the second quarter. BlackRock Inc. now owns 1,734,118 shares of the company’s stock worth $6,381,000 after purchasing an additional 937,794 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Mustang Bio by 293.2% during the second quarter. Vanguard Group Inc. now owns 1,627,415 shares of the company’s stock worth $5,989,000 after acquiring an additional 1,213,550 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Mustang Bio by 493.3% during the second quarter. Renaissance Technologies LLC now owns 541,053 shares of the company’s stock worth $1,991,000 after acquiring an additional 449,853 shares during the last quarter. Northern Trust Corp grew its position in shares of Mustang Bio by 26.8% during the second quarter. Northern Trust Corp now owns 228,178 shares of the company’s stock worth $840,000 after acquiring an additional 48,252 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in shares of Mustang Bio during the second quarter worth approximately $736,000. 6.60% of the stock is currently owned by institutional investors.

A number of research firms have weighed in on MBIO. Cantor Fitzgerald began coverage on shares of Mustang Bio in a report on Thursday, June 20th. They set an “overweight” rating and a $7.00 price objective on the stock. ValuEngine raised shares of Mustang Bio from a “hold” rating to a “buy” rating in a report on Friday. Zacks Investment Research cut shares of Mustang Bio from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Finally, HC Wainwright began coverage on shares of Mustang Bio in a report on Tuesday. They set a “buy” rating and a $7.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Mustang Bio currently 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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