After H.C. Wainwright and Cantor Fitzgerald gave Mesoblast Ltd (NASDAQ: MESO) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Mark Breidenbach maintained a Buy rating on Mesoblast Ltd today and set a price target of $14. The company’s shares closed yesterday at $4.26.
Breidenbach said:
“Wednesday, Mesoblast reported quarterly earnings and provided a business update. With dosing of the final patient in the Phase 3 trial of II-III heart failure (HF) complete, we expect top-line results in ~12 months, which we view as a mission-critical catalyst. Mesoblast could also provide an update on the Phase 3 trial of MPC-06-ID in chronic back pain once all patients complete 12 month assessments in 1H19. Our thesis rests on the success of both programs. Separately, a pre-BLA meeting has been scheduled in April ahead of a registrational filing in pediatric GVHD. Due to uncertainty surrounding timelines for continued development of MPC-300-IV, we remove this program from our estimates. Reiterate Outperform but adjust our PT to $14 (from $15).”
According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -2.0% and a 39.4% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Mesoblast Ltd with a $14.88 average price target, a 249.3% upside from current levels. In a report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $23 price target.
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The company has a one-year high of $8.78 and a one-year low of $3.35. Currently, Mesoblast Ltd has an average volume of 44.09K.
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Mesoblast Ltd. is a biopharmaceutical company, which engages in the research, development, and market of mesenchymal lineage adult stem cell technology platform. Its medicines target the cardiovascular diseases, spine orthopedic disorders, oncology and hematology, immune-mediated, and inflammatory diseases.
