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Mesoblast (ASX:MSB) jumped around +8% in morning trades to $2.80 a pop as it continues to move past moments of investor disappointment through the calendar year – particularly after it posted a -US$100 million loss in late August.
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Boosting sentiment on Tuesday is news from the company that its flagship Ryoncil product, more or less a stem cell treatment, has seen revenues increase 66% in the second quarter after a recent launch – reflecting a figure of US$21.9M.
“We expect adoption to be further enhanced following the permanent J-Code assigned by Centers for Medicare and Medicaid Services (CMS), which became active October 1,” company chief Dr Silviu Itescu said.
J-Codes are US FDA-standardised codes for identifying drugs. Presumably, having a J-Code makes one’s product more likely to be bought.
The Tuesday uptick also follows an Australian market sentiment that didn’t really care when MSB kicked off early-stage works on kids with graft-host disease in March and even yawned at an FDA win back in May.
(At the time, I asked if the oft-hyped company was becoming just another DroneShield – that didn’t age too well, looking at what DRO’s done since.)
Of course, Mesoblast was perhaps always most a victim of Donald Trump’s April 2 shock of all things; the company’s erstwhile “belief” that it wouldn’t be affected by global tariffs has, so far, proved to be true.
MSB last traded at $2.81/sh today.
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