Mesoblast Ltd (ASX: MSB)
Bell Potter has also upgraded this ASX biotech share to a speculative buy rating with a 58 cents price target. This suggests potential upside of 57% for investors.
While the broker was disappointed with the company's FDA blow last month, it highlights that early paediatric approval for remestemcel-L in GvHD remains an option for the allogeneic cellular medicines developer.
Subject to successfully generating new data, the broker estimates the company could resubmit the Biological License Application in the first quarter of 2024 followed by a two-month review period from the US FDA.
However, the real driver of its upgrade was Mesoblast's valuation. It explains:
There are no changes to earnings and valuation remains unchanged at $0.58. We upgrade to Buy (Speculative) based on share price movement. The announcements discussed here are encouraging for a potential approval in FY24, however, markets are likely to remain unconvinced until the FDA provides an approval.
Ann: Mesoblast Type A Meeting with FDA, page-113
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Last
$1.13 |
Change
0.035(3.21%) |
Mkt cap ! $1.284B | |||
| Open | High | Low | Value | Volume |
| $1.09 | $1.13 | $1.07 | $3.910M | 3.535M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 27197 | $1.11 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.13 | 43578 | 3 |
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| Last trade - 16.10pm 27/09/2024 (20 minute delay) ? |
| MSB (ASX) Chart |