H.C. Wainwright analyst Joseph Pantginis lowered the firm’s price target on Mustang Bio to $2 from $25 and keeps a Buy rating on the shares. The target drop reflects the company’s public offerings and an increase of the discount rate to 20% from usual 15% to account for potential additional financing overhangs. The firms says Mustang averted a financial overhang and can fund current and future clinical activities, particularly for the MB-106 asset.
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