As the market powers its way to new records, the stand-out performer once again is Mesoblast.
The biotech outfit’s share price trajectory in recent years has resembled something of a 70s-style superball — those solid, hard rubber spheres that bounced all over the place.
Back in March, punters were celebrating its 700 per cent gain in the previous 12 months. That was when it was trading just shy of $2.40.
And, there were brokers calling it a buy with the potential to multiply its share price several times over.
This morning, it bounced another 30 per cent, all the way to, er, $2.40.
That followed a company filing to the ASX noting strong sales of its cell therapy Ryoncil, which was first launched in March.
Ryoncil is a therapy that battles Graft versus Host Disease in pediatric patients, a side-effect from stem cell transplants where the donor’s immune cells attack the recipient’s body.
The FDA-approved therapy doesn’t come cheap. At $US194,000 per infusion, a patient could be expected to outlay a total of US$1.55 million in paediatric cases.
Still, the good news of late has yet to register with investors who bought back in 2020 when Mesoblast shares topped out at a little under $5.