Mesoblast Curbs Costs and Narrows Clinical Focus; Very High Fair Value Uncertainty Remains
We maintain our fair value estimate of AUD 1.90 per share on Mesoblast, which implies the stock is undervalued at current levels. Nonetheless, we reiterate our very high uncertainty and no-moat ratings. Mesoblast reported a fiscal 2016 net loss of USD 90.1 million, buoyed by a milestone payment of USD 3.5 million in the first half, received following the full regulatory approval of TEMCELL in Japan.Cost-cutting initiatives saw operating and investing cash outflows decrease by 15% on the prior p...
Mesoblast is engaged in the development of regenerative medicine products. Co. has leveraged its proprietary technology platform, based on specialized cells known as mesenchymal lineage adult stem cells ("MLCs"), to establish a portfolio of late-stage product candidates. Co.'s allogeneic, "off the shelf" product candidates target advanced stages of diseases with high, unmet medical needs including cardiovascular conditions, orthopedic disorders, immunologic and inflammatory disorders and oncology and hematologic conditions. Each MLC-derived product candidate has technical characteristics, target indications, reimbursement strategy, commercialization potential, and partnering opportunities.
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