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 (MBIO), with a price target of $18. The company’s shares closed yesterday at $4.11, close to its 52-week low of $3.70.

Breidenbach observed:

“Thursday, we had the opportunity to sit down with Mustang management and review recent progress. We see a striking valuation gap between Mustang and its CAR- T/gene-therapy peers given the company’s promising collection of clinical-stage assets, consistent execution, and stream of clinical readouts expected in the next 12-18 months. In 4Q, we expect to see updated results from an ongoing trial of the company’s CD123 CAR-T followed by updated data from the X-SCID gene therapy program in 1H19. We believe Mustang is on track to file its own IND for continued development of and dose escalation results could be available by 4Q19. Based on compelling early data, the X-SCID program could be positioned for registrational filing in 2022. $18 PT.”

According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -1.5% and a 30.1% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Global Blood Therapeutics, and Sorrento 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.

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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 $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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