- Several reasons explain why investors adopted a bullish stance on Mesoblast today.
- The MSB share price outshined the overall market today by a massive margin.
- One of the firm’s products awaits FDA authorization for clinical testing before 2022-end.
- Mesoblast’s yearly AMG (Annual General Meeting) is approaching, and markets await several crucial measures.
The Mesoblast Limited saw its stock price skyrocketing on Monday, gaining 9% to explore a $1.02 intraday high before surrendering some grounds during afternoon trading.
The ASX biotech firm’s shares closed at 99 cents per piece today – a 6.45% increase from the market opening’s 93 cents. Meanwhile, the healthcare industry welcomed the week well, with ASX/S&P 200 Index (ASX: XHJ) soaring 0.48%.
The broader scale shows ASX: XJO petering out following a promising start today, finishing an inconspicuous 0.17% lower. Nevertheless, what could have influenced the MSB price on Monday?
Mesoblast had no news today. Moreover, the company hasn’t had notable announcements for a while. Nevertheless, some reasons might help tech why MSB shares have soared.
First and foremost, the firm’s quarterly report early this month indicated that Mesoblast expected FDA authorization for rexlemestrocel-L as a medicine for treating chronic back pain toward 2022 end.
Remestemcel-L and Rexlemestocel-L are the firm’s MPC (mesenchymal precursor cell) products Mesoblast is launching to heal multiple diseases. Another thing that could have driven the stock today may be the upcoming annual general meeting.
Mesoblast will have its yearly general meeting this week on Wednesday in Melbourne. Shareholders will vote on various measures, including re-election and election of firm directors. Also, they will ratify the problem of paying ordinary shares to the leading stakeholders.
MSB Price Outlook
The Mesoblast stock remained 29.29% down on the year to date. Moreover, the shares dropped by 42% within the last twelve months. Meanwhile, the ASX/S&P 200 index wavers sown 5.9% and 2.9%, respectively, in that timeframe. The company’s market cap stands at about $729.7 million.
What are your views about Mesoblast and its bullish stock price? Should we expect extended optimism as the year nears an end? Feel free to comment below.