The Mesoblast limited (ASX: MSB) share price has been a standout performer in recent trading sessions.
Over the last six sessions, the biotechnology company's shares have risen a sizeable 14% to 93 cents.
That's despite there being no news out of the company during this time.
What is driving the Mesoblast share price higher?
While it remains unclear why the Mesoblast share price has suddenly taken off, it is worth noting that there has been some significant insider buying recently.
Earlier this week, the company revealed that its newest director, Jane Bell, has been picking up shares since her appointment.
According to a change of director's interest notice, Bell more than doubled her holding on 7 September with the purchase of 133,333 shares through an on-market trade.
The director paid an average of approximately 83 cents per share, which equates to a total consideration of $109,999.73. This increased her holding to 247,618 shares.
Insider buying is often interpreted as a bullish signal for investors as nobody knows a company better than its directors. And Bell certainly is positive on Mesoblast's outlook.
When she was appointed as a director in August, Bell revealed that she was excited about what lies ahead for Mesoblast. She commented:
I look forward to joining the Mesoblast Board at such an exciting stage in the company's transition to a commercial organization, with its deep cell therapy product pipeline. The potential FDA approval and launch in the US market of the first allogeneic cell therapy is an incredibly exciting opportunity for me to be involved with and I look forward to using my background and experience to make a strong contribution.
