Oppenheimer Reiterates Their Buy Rating on Mesoblast Ltd (MESO)

Oppenheimer analyst Mark Breidenbach reiterated a Buy rating on Mesoblast Ltd (NASDAQ: MESO) today and set a price target of $16. The company’s shares closed yesterday at $5.98.

Breidenbach commented:

“Wednesday, Mesoblast reported quarterly results and provided a business update. The company is making steady progress toward a registrational filing for remestemcel-L in pediatric acute graft versus host disease (GVHD), with a pre-BLA meeting expected later this year. Additionally, top-line results from an NIH-sponsored trial of MPC-150-IM in Class IV heart failure (HF) could be presented at a scientific conference in 4Q, and Mesoblast could utilize the therapy’s RMAT designation to pivot positive results into an accelerated filing. We believe the primary market opportunity for MPC-150-IM rests in Class II/III patients, and the company’s DREAM-HF trial remains on track to complete enrollment in 2018. With sufficient cash to support operations into mid-2019, we reiterate our Outperform rating and $16 PT.”

According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 14.0% and a 49.6% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.

Currently, the analyst consensus on Mesoblast Ltd is a Strong Buy with an average price target of $18.

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The company has a one-year high of $7.79 and a one-year low of $4.74. Currently, Mesoblast Ltd has an average volume of 84.09K.

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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.