Skip to content

This BlackRock stock just spiked over 300% 

This BlackRock stock just spiked over 300% 
Paul L.
Stocks

Shares of Mustang Bio (NASDAQ: MBIO) surged on Monday as investors responded to a significant approval from the Food and Drug Administration (FDA).

By press time, Mustang Bio’s stock was trading at $5.11, marking a 329% surge. Over the past week, the equity has rallied by more than 400%.

MBIO one-day stock price chart. Source: Google Finance

Notably, the stock is part of the portfolio of the world’s largest investment management firm, BlackRock (NYSE: BLK), which owns 1,665 shares in the company.

The rally followed news that the FDA granted orphan drug designation to Mustang’s experimental treatment MB-101, designed to combat rare and aggressive forms of brain cancer.

The FDA’s decision covers MB-101 as a therapy for recurrent diffuse and anaplastic astrocytoma and glioblastoma, challenging brain cancers with limited treatment options.

Notably, orphan drug designation offers significant advantages, including tax credits for clinical development and seven years of market exclusivity upon securing final approval. Notably, the FDA’s green light applies to a broader patient group than Mustang had originally proposed.

MB-101 is a CAR T-cell therapy targeting IL13Ra2, which is overexpressed in aggressive brain tumors. In a Phase 1 trial, 50% of patients achieved disease stabilization or better, with two experiencing complete responses lasting 7.5 months or longer, linked to high intratumoral CD3+ T-cell levels.

Mustang is also developing MB-109, a combination of MB-101 and MB-108, an oncolytic virus therapy. Progress depends on securing additional funding or partnerships. Both treatments are in Phase 1 trials at City of Hope and the University of Alabama at Birmingham.

Relief for Mustang amid financial woes 

Generally, the approval comes as a boost for the company, which only in February disclosed that it may need to seek bankruptcy protection or pursue other options that could wipe out shareholder value if it cannot raise additional capital.

As of the end of September 2024, the company reported $3.5 million in cash and cash equivalents, with an accumulated deficit of $395.8 million.

Mustang develops cell therapies for hard-to-treat cancers, focusing on CAR T treatments licensed from research institutions. Its business model relies on partnering for preclinical and clinical development, then transferring the technology in-house or to a contract manufacturer to run its trials.

Featured image via Shutterstock

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users worldwide
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Latest posts

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Stocks

Trade, Swap & Stake Crypto on Uphold

Buy, sell, and swap crypto. Stake crypto, earn rewards and securely manage 300+ assets—all in one trusted platform. Terms apply. Capital at risk.

Get Started

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.