The All Ordinaries (ASX: XAO) may be starting the week in the red, but that hasn't stopped a couple of shares from hurtling higher.
Here's why these ASX All Ords shares are on form on Monday:
Incannex Healthcare Ltd (ASX: IHL)
The Incannex share price is up 14% to 20.5 cents. This is despite there being no news out of the cannabis and psychedelics company today.
Though, it is worth noting that the company recently announced that the PsiGAD1 clinical trial has achieved its interim milestone of 29 patients completing primary endpoint assessments, and independent analysis of the interim study data has commenced.
This trial is assessing Incannex's psilocybin-assisted psychotherapy for the treatment of generalised anxiety disorder (GAD). The company notes that the treatment of GAD with currently accepted medications and therapies remains inadequate, with less than half of patients achieving remission. Positively, psilocybin-assisted psychotherapy has shown promise in the treatment of several mental health conditions.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price has jumped 11% to $1.16. Once again, this is despite there being no news out of the regenerative medicine company this morning.
However, investors have been fighting to get hold of the company's shares in recent sessions thanks to a promising announcement from last week. That announcement revealed that it has resubmitted its Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA).
This is for the approval of remestemcel-L in the treatment of children with steroid-refractory acute graft versus host disease (SR-aGVHD). The resubmission contains substantial new information as required by the FDA. Investors appear optimistic that this might be enough to finally get the thumbs up from the regulator.