Oppenheimer analyst Mark Breidenbach maintained a Buy rating on Mesoblast Ltd (MESO) yesterday and set a price target of $15. The company’s shares closed yesterday at $5.10, close to its 52-week low of $4.74.
Breidenbach commented:
“Thursday, Mesoblast reported quarterly earnings and provided a business update. Management announced the II- III heart failure (HF) has reached ~85% enrollment. The trial is event-driven and does not have a fixed enrollment target, but we estimate top-line results could be available in late 2019/early 2020. On Sunday, data from an academic-sponsored trial of MPC-150-IM in Class IV HF patients with LVAD implants were presented at the AHA Scientific Sessions. Despite missing its primary endpoint, the trial showed a significant reduction in GI bleeds, a clinically meaningful endpoint that could offer an avenue for successful registration. Separately, we expect the company to file a BLA for MSC-100-IV in pediatric GVHD. Reiterate Outperform, $15 PT.”
According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -1.5% and a 30.1% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Global Blood Therapeutics, and Sorrento Therapeutics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Mesoblast Ltd with a $17.75 average price target, representing a 248.0% upside. In a report issued on November 9, Maxim Group also maintained a Buy rating on the stock with a $16 price target.
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The company has a one-year high of $8.78 and a one-year low of $4.74. Currently, Mesoblast Ltd has an average volume of 86.8K.
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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.
