Why Mustang Bio's Stock Is Trading Lower Today

Mustang Bio, Inc. MBIO shares are trading lower after the company announced a common stock offering of 10.769 million shares at $3.25 per share.

The company announced it intends to use the net proceeds from the offering primarily for the continued development of its product candidates, the potential in-license, acquisition, development and commercialization of other pharmaceutical products and for general corporate purposes.

Mustang Bio is a clinical-stage biopharmaceutical company focused on translating today's medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors and rare genetic diseases.

Mustang Bio's stock was trading down 26.96% at $3.36 on Thursday at the time of publication. The company has a 52-week high of $4.85 and a 52-week low of $1.78.