In a report released yesterday, Mark Breidenbach from Oppenheimer maintained a Buy rating on Mesoblast Ltd (MESO), with a price target of $15. The company’s shares closed yesterday at $4.40, close to its 52-week low of $4.
Breidenbach noted:
“Thursday, Mesoblast provided an update on recent regulatory progress with remestemcel-L (MSC-100-IV) in pediatric steroid-refractory graft-versus-host disease (GVHD). Importantly, the company reached an agreement with the FDA regarding its manufacturing plan and received guidance on the content and structure of its BLA, which is slated for submission in early 2019. In our view, the mesenchymal stem cell (MSC) therapy is supported by compelling clinical data, and we project an 80% POS of approval. While we see a modest market opportunity for remestemcel-L in the US with only ~400 addressable cases of pediatric steroid refractory GVHD annually, we believe an FDA approval could serve as a critical proof-of-concept to boost investor sentiment for the company’s late-stage cell therapy programs in other indications. Reiterate Outperform, $15 PT.”
According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -3.0% and a 33.1% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.
Mesoblast Ltd has an analyst consensus of Strong Buy, with a price target consensus of $17.75.
See today’s analyst top recommended stocks >>
Based on Mesoblast Ltd’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $19.46 million. In comparison, last year the company had a GAAP net loss of $7.05 million.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
