Mesoblast Ltd (ASX: MSB) shares have certainly been garnering plenty of attention of late.
That's come amid some astonishing recent daily share price moves for the ASX biotech company.
How astonishing?
I'm glad you asked!
On 26 March Mesoblast shares closed the day up an eye-popping 45.5% to close at 48 cents apiece, having reached intraday highs of 52 cents.
But ASX investors weren't done yet.
The next day the biotech stock gained 3.1% followed by a 12.1% gain on 28 March, to close out last month on a bang.
And if you think those are some big moves, then you must not have been watching the boards on Tuesday, 2 April, when the ASX re-opened following the four-day Easter holiday break.
Any guesses on how much Mesoblast shares gained on Tuesday?
I won't leave you hanging.
The biotech stock rocketed an astounding 71.2% on the first trading day of April, closing the day at 95 cents apiece, with intraday prices as high as 96 cents!
I told you the moves were astonishing.
Now Mesoblast has since given back some of those gains, with the stock closing Friday trading for 86.5 cents a share.
Still, it was only back on 21 March that shares were trading for 33 cents.
Here's what's been stoking ASX investor enthusiasm.
Image source: Getty Images
Mesoblast shares draw major attention
The initial 45.5% blast-off for Mesoblast shares on 26 March came after the company announced some promising communications with the US Food and Drug Administration (FDA).
The communications in question involved the company's remestemcel-L treatment. This medicine is being developed to treat inflammatory diseases in children and adults. That includes steroid-refractory acute graft versus host disease and biologic-resistant inflammatory bowel disease.
ASX investors were clearly enthused after learning the FDA had examined the additional clinical data from Mesoblast's phase 3 study. The FDA said the clinical results appeared to be sufficient to support the submission of the company's proposed Biologics License Application (BLA) remestemcel-L medicine to treat paediatric patients with steroid-refractory acute graft versus host disease.
CEO Silviu Itescu was clearly pleased with the development that was sending Mesoblast shares through the roof.
"We thank the agency for their collaborative approach," he said on the day.
Itescu added, "The responses and guidance from FDA are clear and provide us with a high level of confidence to refile our BLA for remestemcel-L in children with SR-aGVHD."
With the company saying it intends to file the resubmission in the next quarter, enthusiasm appears to have lifted off again following the Easter break, with investors piling back into Mesoblast shares on Tuesday.
Stay tuned!
