New report on MSB - pretty thorough and up to date. They've...

New report on MSB - pretty thorough and up to date. They've update their TP:

Our valuation for Mesoblast moves up to A$3.41bn from A$3.16bn (A$10.51 per basic share from A$9.51). Most notably, our NPV for MPC-06 in low back pain increases from A$0.71 to A$1.62, as the start of Phase III trials in this indication enables an adjusted probability of success of 50% from 25%. The strength of the US vs the Australian dollar adds another 3.4% to the valuation. The increases are partly offset by minor negative adjustments including higher reported net cash outflow in H115 than anticipated and rolling forward the discounted value of operational expenses. Mesoblast’s share price has trickled downward over the past year despite positive newsflow related to its pipeline (two products have moved into pivotal Phase III trials). We highlight key upcoming potential catalysts that could allow for share price inflections; approval of MSC-100-IV for aGvhD in Japan (2015), interim analysis of the current Phase III trial in CHF (H115) and Phase II data for MPC-300-IV in both diabetic kidney disease (H115) and rheumatoid arthritis (H215).

If only I had more money to buy!