Australia's Mesoblast eyes best day in 4 years on FDA support; Jefferies raises PT

Mesoblast

26/03/2024 04:47

(Updates with Jefferies note)
    ** Shares of biotechnology firm Mesoblast Ltd  MSB.AX  up
57.6% to A$0.52, set for best day since April 27, 2020, if gains
hold
    ** Jefferies raises MSB's price target to A$0.80 from A$0.70
    ** MSB says the U.S. Food & Drug Administration (FDA)
informed that co's available clinical data sufficient to support
submission of proposed Biologics License Application (BLA) for
remestemcel-L 
    ** MSB intends to file the resubmission during the next
quarter for remestemcel-L for treatment of inflammatory diseases
in children and adults
    ** While approval post resubmission is not guaranteed, it 
seems MSB has addressed potency issues to the at least initial
satisfaction of the FDA - Jefferies
    ** Mesoblast stock up 6.5% YTD, as of last close 
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))