Mustang Bio, Inc. (MBIO) stock announced the updated interim data from Phase 1/2 clinical trial of its MB-106 CD20-targeted, autologous CAR T today on June 11, 2021, after which the MBIO stock price saw a push of 5.25% to reach $4.01 a share at the time of this writing. The last trading session was favorable for MBIO stock as it went up by 1.33% at closing. Let’s deep dive to explore more of it.
What’s Happening?
The hype was noticed today in the previously rising MBIO stock price after the release of interim data taken from the clinical trial of MB-106 CD20-targeted, autologous CAR T in order to investigate the safety and accuracy of cell therapy which is intended for the treatment of patients suffering from Relapsed or Refractory B-cell Non-Hodgkin Lymphomas and Chronic Lymphocytic Leukemia. Mustang and Fred Hutchinson Cancer Research Center are both collaborating with each other in the development of MB-106. In the treatment of 15 patients, the overall response rate was 93% and the complete response rate was 67% representing a very favorable safety and efficacy profile of MB-106
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Previous Activity by MBIO stock:
Back to the previous month on May 18, 2021, MBIO stock did announce that it has dosed the first patient in the clinical trial in order to evaluate the safety and feasibility of MB-101 in patients suffering from leptomeningeal brain tumors. This trial would comprise 30 patients and would take place at the City of Hope. In case of need, both Mustang and City of Hope would provide the facility of transferring patients to the other centers.
Financial View of MBIO stock:
- MBIO stock reported a net loss of $15.0 million, or $0.19 per share attributable to common stockholders in the first three months of 2021 as compared to $11.9 million, or $0.28 per share net loss in the same period of the previous year.
- Mustang stock spent $11.6 million in the research and development expenses in the recently reported quarter while these expenses were $9.6 million in the same tenure of the prior year.
- MBIO’s general and administrative expenses increased to $3.5 million in the first quarter of 2021 from $2.0 million in the same quarter of the previous year.
- MBIO stock had cash and cash equivalents and restricted cash of $130.4 million by the end of March 2021 which is significantly higher than $98.8 million by the end of December 2020.
Wrap Up:
So far so good for Mustang stock as far as market sentiment is concerned. The recent clinical trial results for MB-106 were favorable for MBIO stock and it seems that Mustang is continuously putting its effort into the development of cell and gene therapies. But how good this stock is for investors, deep fundamental as well technical analysis is necessary to answer this question.