Shares in Mesoblast Ltd (ASX: MSB) are inching higher today and now trade around 3% in the green at $1.13.
Mesoblast shares have struggled of late, down 19% since trading restarted back in January, and down almost 53% in the past 12 months.
Today, Mesoblast informed the market that a new member has joined its board. Whilst the update isn’t market-sensitive in any way, it’s still integral to the company’s growth narrative.
What did Mesoblast announce?
The company advised that Dr Philip R. Krause, M.D. has joined its board of directors. Dr Krause is currently Chair of the World Health Organization COVID Vaccines Research Expert Group.
Mesoblast notes that “most recently he shared responsibility for regulatory authorizations of COVID-19 vaccines in the US.”
For the past decade, the company says that Dr Krause was Deputy Director, Office of Vaccines Research and Review (OVRR) at the US Food and Drug Administration’s (FDA) Center for Biologics Evaluation and Research (CBER).
Dr Krause said that he had followed Mesoblast’s story over the years and that he is looking forward to helping in successfully launching its products, that are “cutting-edge technology.”
“I have followed Mesoblast’s development programs closely and am very much looking forward to help guide the company as it brings its lead products to the market,” he remarked.
“I believe I can make a substantial contribution at this very important time in the company’s transition towards commercialisation”.
Meanwhile, Mesoblast CEO, Dr Silvu Istecu highlighted how pleased the company was in having Dr Krause on board, given his key expertise of the FDA and US markets.
“We are delighted to have Dr Krause join our board,” Istecu noted.
“The biologics development and regulatory expertise that he brings will be invaluable in our ongoing FDA interactions on our lead and follow-on product candidates,” he concluded.
Mesoblast has been under considerable pressure from short sellers lately, regularly finding itself on the daily 10 most shorted ASX shares list these past few weeks.
Jefferies has Mesoblast rated as a hold and values the company at $1.25 per share, in line with the consensus price target.
The consensus price target on Mesoblast shares has crept down from $6.50 in September 2020 alongside the stock price, which is now trading back around 5-year lows.
The post Here’s why the Mesoblast (ASX:MSB) share price is climbing today appeared first on The Motley Fool Australia.
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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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