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Thursday, May 19, 2022

Mustang Bio, Inc. (MBIO) stock surged in the Current market; here is why?

Mustang Bio, Inc. (MBIO) stock surged in the current market after announcing its Fiscal 2021 results. MBIO’s stock price is $1.14, gaining more than 23.12% from the previous closing price. MBIO stock closed at $0.93 at the end of the last trading session. MBIO stock volume traded in the previous trading session was around 882.05K shares. The current market cap of the company is about $105.11 million.


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MBIO: Fiscal 2021 Highlights

  • Expenses for R&D at Mustang Bio, Inc. (MBIO) totaled $49.9 million for the fiscal year ending December 31, 2021, compared to $37.2 million in the prior year.
  • During the fiscal year ended December 31, 2021, the company’s R&D expenses from license acquisitions totaled $5.8 million, down from $10.1 million in the previous fiscal year.
  • General and administrative expenses were $11.0 million for the fiscal year ending December 31, 2021, compared to $9.5 million in the previous fiscal year.
  • The net loss attributable to common stockholders for the fiscal year ended December 31, 2021, was $66.4 million, compared to a net loss attributable to common stockholders of $60.0 million for the fiscal year ended December 31, 2020.
  • Mustang’s cash and cash equivalents were $110.6 million as of December 31, 2021, up from $98.8 million as of December 31, 2020, representing an increase of $11.8 million year-to-date.
  • The company’s loss per share in fiscal 2021 was $0.76 compared to $1.14 in 2020.

MBIO CEO’s Remarks

Mustang’s M.D., President, and CEO, Manuel Litchman, stated that in 2021, we will continue to advance our cell and gene therapy initiatives.” MB-107, lentiviral gene therapy for infants under two with X-linked severe combined immunodeficiency, and MB-106, a CD20-targeted autologous CAR T cell therapy, were approved by the FDA. The National Cancer Institute also awarded us a $2 million grant to help support our MB-106 Phase 2 clinical research. At Fred Hutchinson Cancer Research Center (Fred Hutch), our researchers presented interim data from an ongoing Phase 1/2 clinical trial of MB-106 at the 63rd American Society of Hematology Annual Meeting (ASH2021).

Conclusion

Mustang Bio, Inc. (MBIO) stock is currently rising after announcing its fiscal 2021 results. The company reported some positive news from its ongoing trials and hoped to deliver positive results.

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