The new week did not start off on a particularly great note for the Mustang Bio Inc (NASDAQ:MBIO) stock. The company, which is involved in deploying the medical advancements of gene and cell therapies into actual therapies, saw its stock actually decline by as much as 4% yesterday amidst a bit of a selloff.
However, in this regard, it ought to be noted that the company actually made a positive announcement yesterday with regards to its gene therapy product, MB 107, which is meant for treating infants with X-linked severe combined immunodeficiency. The company announced yesterday that the product was granted ‘priority medicines’ designation by the European Medicines Agency.
It is a major new development for Mustang Bio and comes as another boost for the product as well. In this regard, it is necessary for investors to keep in mind that in addition to the Priority Medicine designation that it earned yesterday, the product had also been granted an ATMP or Advanced Therapy Medicinal Product designation by the same agency in April 2020. In November last year, it had been granted an orphan drug designation as well. Despite the drop in the share price, investors could consider tracking the Mustang Bio stock.