Why Mustang Bio Stock Galloped Higher Today
Shares of Mustang Bio (NASDAQ: MBIO) were galloping 13.3% higher as of 3:43 p.m. EDT on Tuesday. The big gain came on the heels of two developments. Mustang Bio and cancer research and treatment center City of Hope announced the first patient dosing in an early-stage clinical study evaluating MB-101 in treating leptomeningeal brain tumors. Also, investment firm BTIG initiated coverage on the stock with a buy rating and a price target of $11.
As Mustang CEO Manuel Litchman said, "The successful dosing of the first patient in this clinical trial of MB-101 is an important milestone in Mustang's development program." He's right. The company doesn't have any products on the market yet. Investors applaud any significant progress with the clinical testing of its pipeline candidates.
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