We would all be aware that investing in most ASX shares over 2024 was a lucrative endeavour. After all, the S&P/ASX 200 Index (ASX: XJO) minted around two dozen new all-time record highs last year and rose by a healthy 7.5%. But that gain pales against what the Mesoblast Ltd (ASX: MSB) share price delivered.
Mesoblast shares had a blowout year; no other way to put it. This pharmaceutical company began the year at just 31 cents a share. But by the time December wrapped up, those same shares were going for $3.10. That makes Mesoblast a certified ten-bagger, with investors enjoying a phenomenal return of 900% over the year.
This places the Mesoblast share price amongst the top five performers on the entire All Ordinaries (ASX: XAO) Index for 2024.
A good chunk of those returns have come over just the past month alone. Back in early December, Mesoblast stock was going for $1.66. At today's pricing of $2.94 a share (at the time of writing), that means this company has vaulted 77% higher over the past month alone. The Mesoblast share price has also jumped 162.5% over the past six months.
Check this all out for yourself below:
Image source: Getty Images
How has the Mesoblast share price rocketed by 73% in a month?
The gains that we've seen in the Mesoblast share price in recent weeks all stem from the blockbuster news that Mesoblast shared just before Christmas.
As we covered back on 19 December, Mesoblast finally received the green light from the US Food and Drug Administration (FDA) for its Ryoncil (remestemcel-L) product.
Ryoncil is a treatment for the deadly steroid-refractory acute graft versus host disease (SR-aGvHD). It is the only therapy that has gained approval for use in children two months and older in the United States.
Mesoblast has been preparing for this FDA decision throughout 2024. Optimism that the company would gain approval arguably fuelled much of the gains in the Mesoblast share price in the first half of the year.
But the official green light really lit a rocket under the Mesoblast share price. On the day that this news became public, Mesoblast shares soared a whopping 54%. The company has continued to trend upwards (barring some sporadic profit-taking) ever since.
So the Mesoblast share price is entering 2025 at a notable high. Let's see what the rest of this year brings to this company's jubilant investors.
