Mustang Bio Stock Soars 200% On FDA Orphan Drug Designation

(RTTNews) - Mustang Bio, Inc. (MBIO) shares surged 200.00 percent to $3.57 after the company announced that the U.S. FDA granted Orphan Drug Designation to its investigational therapy MB-101 for the treatment of recurrent astrocytomas and glioblastoma. The stock opened at $3.57 and traded between $3.35 and $7.00, with volume skyrocketing to 256.1 million shares, far above its average of 960,808 on the Nasdaq. MBIO closed the previous session at $1.19 and has a 52-week range of $0.893 to $25.00.

The designation provides Mustang with incentives including potential tax credits, user fee waivers, and seven years of market exclusivity upon approval.