Mesoblast Ltd Received its Third Buy in a Row

After Maxim Group and Cantor Fitzgerald gave Mesoblast Ltd (NASDAQ: MESO) a Buy rating last month, the company received another Buy, this time from H.C. Wainwright. Analyst Jason Kolbert initiated coverage with a Buy rating on Mesoblast Ltd today and set a price target of $17. The company’s shares closed yesterday at $5.62.

Kolbert said:

“We see Mesoblast as having the strongest pipeline in the regenerative medicine space. Multiple pivotal trials in End Stage (IV) Devices (LVAD), Congestive Heart Failure (CHF stages Pain (CLBP) with Degenerative Disc Disease (DDD) and Disease (A-GvHD) represent the company’s lead cell therapy programs. Our analysis of the Phase 2 data that support these trials coupled with their design gives us confidence that we may see a positive outcome in one or all of the trials when they report data by year-end. As such we are launching coverage with a Buy rating and $17.00 price target.”

According to TipRanks.com, Kolbert is a 1-star analyst with an average return of -0.3% and a 41.0% success rate. Kolbert covers the Healthcare sector, focusing on stocks such as Anavex Life Sciences, Can-Fite BioPharma, and Cytosorbents Corp.

Currently, the analyst consensus on Mesoblast Ltd is Strong Buy and the average price target is $14.75, representing a 162.5% upside.

In a report issued on May 29, Maxim Group also assigned a Buy rating to the stock with a $14 price target.

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Based on Mesoblast Ltd’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $21.11 million. In comparison, last year the company had a GAAP net loss of $9.85 million.

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Mesoblast Ltd. engages in the research, development, and market of pharmaceutical products. Its medicines target the cardiovascular conditions, spine orthopedic disorders, oncology and hematology, immune-mediated, and inflammatory diseases. The company was founded by Itescu Silviu on June 8, 2004 and is headquartered in Melbourne, Australia.