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 $8.39, close to its 52-week low of $7.55.

Breidenbach observed:

“Monday, Mustang reported earnings and we discussed progress with management. The company remains on track to file its first IND in 4Q18, prioritizing development of for leukemia. Close on its heels, we expect an IND filing for in 1H19. As these CAR- Ts advance toward company-sponsored trials, we expect clinical updates from ISTs of both products in late 2018. Management expects to have its manufacturing facility online in 4Q18, and has hired experienced staff which could potentially combine the best elements of Kite manufacturing protocols. With cash to sustain operations through 2019, we believe Mustang has sufficient resources to execute its near-term clinical strategy. Reiterate Outperform, $18 PT.”

According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 18.6% and a 46.3% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Global Blood Therapeutics, and Sorrento Therapeutics.

Mustang Bio Inc has an analyst consensus of Moderate Buy, with a price target consensus of $18.

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Based on Mustang Bio Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $15.6 million. In comparison, last year the company had a GAAP net loss of $3.22 million.

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Mustang Bio, Inc. is a clinical-stage biopharmaceutical company, which focuses on the development and commercialization of novel cancer immunotherapy products designed to utilize the power of the patient’s own immune system to eliminate cancer cells. It offers MB-101 (IL13Ra2-specific CAR) and MB-102 (CD123 CAR).

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