The Mesoblast Limited (ASX: MSB) share price is surging into the green today on no news.
At the time of writing, Mesoblast shares are trading 19% higher at 72.5 cents apiece, bouncing from 52-week lows of 61 cents in yesterday’s session.
In broad market moves, the S&P/ASX 200 Health Care Index (ASX: XHJ) has also gained 45 basis points from the open on Friday.
What’s up with the Mesoblast share price?
There’s nothing out of the company’s camp today. Nevertheless, investors have pushed the share higher on a volume of 1.2 million shares. That’s not far off its 4-week average volume of 1.7 million shares.
After gliding to 52-week lows at yesterday’s close, the share has caught bids today. Zooming out, however, it’s been a different story.
The Mesoblast share price has been gliding lower for over 12 months. It has plunged from its previous high of $4.60, all the way back in December 2020.
On 14 June, the company then advised it had been served a class action proceeding in the Federal Court of Australia by law firm Phi Finney McDonald.
The class action is the second against Mesoblast, with similar proceedings filed by firm William Roberts Lawyers back in May.
“[I]n the U.S. [Mesoblast] recently resolved a similar suit for $2 million, with no admission of liability, which was paid by the company’s insurer other than the minimum excess as per the company’s insurance policy,” it said.
The company said it will vigorously defend both proceedings.
Despite the legal overhang, the market has bought in at the yearly lows and is pushing the Mesoblast share price higher on Friday.
In the last 12 months, Mesoblast shareholders have watched the share price dwindle more than 63% into the red.