Mustang Bio surges as co to start its own cancer therapy trial

Mustang Bio

24/03/2022 15:53

** Mustang Bio's shares  MBIO.O  surge 18% to $1.10 in
morning trade
    ** Co says it expects first patient to be dosed with MB-106,
its CAR-T cell therapy program to treat certain types of cancer,
in co's own early-to-mid stage trial in H1  urn:newsml:reuters.com:*:nGNX44RRBl
    ** Late Wed, MBIO reported cash and cash equivalents of
$110.6 million as of December end, compared to ~$99 million as
of 2020-end
    ** Brokerage Oppenheimer says it sees MB-106 as MBIO's
primary value driver and that co's cash reserves provide "an
opportunity for upcoming company-sponsored trials to get off the
ground"; reiterates 'outperform' rating with $8 PT
    ** MBIO had also collaborated with Fred Hutchinson Cancer
Research Center for an early-to-mid stage trial, which showed
the therapy was safe and patients responded to the therapy (https://bit.ly/3tBEy9J)
    ** Despite session's gains, stock down by about a third YTD

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))