Mesoblast Ltd ADR (MESO)

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Analyst Actions: Oppenheimer Starts Mesoblast at Outperform, $16 PT
08/31/2017 10:52 AM EDT


10:52 AM EDT, 08/31/2017 (MT Newswires) -- Oppenheimer on Wednesday initiated coverage on Mesoblast (MESO) with an outperform rating and a fair valuation of $16 on the stock.
In a note to clients, the research firm said that the rating was based on its conviction that the company and its partners can successfully commercialize multiple clinical-stage cell therapy programs, with first U.S. regulatory approval anticipated in 2018.
"While we think MSCs [mesenchymal stem cell therapies) have been dragged through the mud in recent years by a combination of inconsistent manufacturing, underpowered trials, and poorly-chosen indications, Mesoblast's products have demonstrated clinical efficacy across multiple indications in randomized trials, and we believe the company is zeroing in on a viable formula for regulatory and commercial success," Oppenheimer said.