The Mesoblast Limited (ASX: MSB) share price is shooting higher today despite the company’s silence.
In fact, the market hasn’t heard any price-sensitive news from the biotechnology company in two weeks.
Still, the company’s stock is well and truly in the green today. At the time of writing, the Mesoblast share price is $1.75, 9.69% higher than its previous close.
Let’s take a look at the latest news from the company.
What’s going on with the Mesoblast share price?
At its current share price, Mesoblast has now officially recovered from its late-November dip.
The company released its results for the first quarter of financial year 2022 on 24 November.
Within them, it reported a US$2.3 million year-on-year revenue increase, bringing its takings for the quarter up to US$3.6 million.
The company also reduced its cash usage, its research and development expenses, and its manufacturing expenses.
Perhaps unsurprisingly, the market bid the Mesoblast share price higher on the back of its results, sending it to gain 1.7%. However, it tumbled 11.3% over the following 6 sessions.
Between then and now, the company has conducted its annual general meeting and announced findings regarding its Rexlemestrocel-L drug.
On Monday, the company announced the DREAM-HF Phase 3 trial of Rexlemestrocel-L in patients with chronic heart failure and low ejection fraction (HFrEF) found the greatest benefit from Rexlemestrocel-L is in HFrEF patients with diabetes, ischemia, or both.
While the news wasn’t marked as price-sensitive, the Mesoblast share price gained 3.5% on Monday.
Finally, potentially helping Mesoblast along today is the broader healthcare sector’s performance. The S&P/ASX 200 Health Care Index (ASX: XHJ) is currently up 0.6%, with nearly all its members recording gains.
While it’s not as stellar as the broader market’s performance, it’s still good news for the company and its peers.
Yet. despite today’s gains, the Mesoblast share price is still 22% lower than it was at the start of 2021. It’s not all bad though — it’s gained 5% since this time last month.