Why the Mesoblast (ASX:MSB) share price is rising 5% today

What did Mesoblast tell ASX investors today?
The post Why the Mesoblast (ASX:MSB) share price is rising 5% today appeared first on The Motley Fool Australia. –

The Mesoblast Limited (ASX: MSB) share price is heading north today following a positive update regarding its remestemcel-L drug.

At the time of writing, the share price of the allogeneic cellular medicines company is up by 2.94% to $1.40.

However, in earlier trading, the Mesoblast share price reached $1.43, which is 5.1% above yesterday’s close of $1.36.

What did Mesoblast announce?

Investors are snapping up Mesoblast shares after the company provided a regulatory update on the appropriate potency assay on remestemcel-L.

According to the release, the company held discussions with US Food and Drug Administration’s Office of Tissues and Advanced Therapies (OTAT) in response to the received complete response letter (CRL).

As such, Mesoblast requested to explore the potency assay and chemistry, manufacturing and controls (CMC) items for remestemcel-L.

The OTAT advised that the company’s approach to addressing the outstanding CMC items is a reasonable critical quality attribute (CQA). OTAT also noted that the relevance of this activity to clinical outcomes should be established.

Mesoblast stated that it has generated substantial data that it believes meets the proposed in vitro immunomodulatory activity of remestemcel-L. This is demonstrated in its phase III trial in children with steroid-refractory acute graft versus host disease (SR-aGVHD).

The company will present its findings to the OTAT, and address other remaining CRL items as required, for the Biologics License Application resubmission.

What is remestemcel-L?

Mesoblast’s lead drug candidate remestemcel-L is a cellular therapy product. It consists of cultured, cryopreserved mesenchymal stem cells derived from the bone marrow of healthy donors.

Remestemcel-L is being developed to treat steroid-refractory acute graft versus host disease (SR-aGVHD). However, Mesoblast has also been experimenting with remestemcel-L to treat patients infected with COVID-19.

About the Mesoblast share price

Over the past 12 months, Mesoblast shares have plummeted in value, sinking almost 40%.

The Mesoblast share price fell to a 52-week low of $1.31 earlier this month.

At today’s price, Mesoblast has a market capitalisation of $908 million, with approximately 648 million shares on issue.

The post Why the Mesoblast (ASX:MSB) share price is rising 5% today appeared first on The Motley Fool Australia.

Should you invest $1,000 in Mesoblast right now?

Before you consider Mesoblast, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Mesoblast wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Why Bega Cheese, Magnis, Mesoblast, and Neometals shares are pushing higher

These are the 10 most shorted ASX shares

These are the 10 most shorted ASX shares

These were the worst performers on the ASX 200 last week

Mesoblast (ASX:MSB) share price jumps 12% on FDA update

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!