In a report released yesterday, Mark Breidenbach from Oppenheimer maintained a Buy rating on Mustang Bio Inc (MBIO – Research Report), with a price target of $18. The company’s shares closed yesterday at $4.12.
“Monday, Mustang Bio announced 4Q results and reviewed recent progress. We believe Mustang is on track to submit an IND for its in 1H19. Manufacturing for the trial could be supported by Mustang’s in-house cell processing facility, which became operational in June. Separate INDs for other CAR-T products in-licensed from academia, including MB-104 in multiple myeloma (MM) and MB-106 in NHL, could follow suit in 2H19. Management has scheduled a meeting with the FDA in 2Q to discuss requirements for transferring St. Jude’s IND for a recently in-licensed gene therapy for X-SCID. With multiple company-sponsored trials on the horizon and a deeply discounted market capitalization relative to most of its cell and gene therapy peers, we reiterate our Outperform and $18 PT.”
According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -0.1% and a 43.3% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Mustang Bio Inc with a $18 average price target.
Based on Mustang Bio Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $7.52 million. In comparison, last year the company had a GAAP net loss of $15.6 million.
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Mustang Bio, Inc. is a clinical-stage biopharmaceutical company, which engages in the acquisition, development and commercialization of novel cancer immunotherapy products. It offers MB-101 (IL13Ra2-specific CAR) and MB-102 (CD123 CAR). The company was founded on March 13, 2015 and is headquartered in New York, NY.