Oppenheimer Thinks Mustang Bio Inc’s Stock is Going to Recover


In a report released today, Mark Breidenbach from Oppenheimer maintained a Buy rating on Mustang Bio Inc (NASDAQ: MBIO), with a price target of $18. The company’s shares opened today at $3.88, close to its 52-week low of $3.70.

Breidenbach observed:

“Tuesday, Mustang announced that its academic collaborators at City of Hope (COH) have initiated two Phase 1 trials that could establish safety and clinical proof-of- concept for CAR-T which is being developed for use in patients with brain tumors. MB-103 is the fourth program in Mustang’s CAR-T pipeline to enter the clinic via academic collaboration, and we believe locoregional delivery could help MB-103 overcome toxicity concerns associated with HER2-targeting CAR- T products. While we could see results from the MB-103 trials in late 2019, our thesis remains centered on MB-102, Mustang’s CD123-targeting product. We anticipate updated clinical data from COH’s ongoing trial of MB-102 in AML/BPDCN later this year as the company prepares to file its first IND. Reiterate Outperform, $18 PT.”

According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -2.4% and a 33.3% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Global Blood Therapeutics, and Sorrento Therapeutics.

Currently, the analyst consensus on Mustang Bio Inc is a Moderate Buy with an average price target of $18.

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Based on Mustang Bio Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $5.09 million. In comparison, last year the company had a GAAP net loss of $6.94 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.

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