Mesoblast (NASDAQ:MESO) Shares Gap Down - Here's What Happened

Key Points

• Mesoblast Limited's shares gapped down before trading began, opening at $15.79, a decline from the previous close of $16.31.
• Despite the recent drop, analysts maintain a consensus rating of "Buy" with an average target price of $24.00 for the stock.
• Institutional investors have shown significant interest in Mesoblast, with hedge funds acquiring new stakes and significantly increasing their holdings in the company.

Shares of Mesoblast Limited (NASDAQ:MESO - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $16.31, but opened at $15.79. Mesoblast shares last traded at $15.78, with a volume of 21,540 shares trading hands.

Wall Street Analysts Forecast Growth

MESO has been the subject of a number of recent research reports. Jefferies Financial Group downgraded shares of Mesoblast from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Canaccord Genuity Group upgraded shares of Mesoblast to a "strong-buy" rating in a research note on Tuesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Mesoblast has a consensus rating of "Buy" and an average target price of $24.00.

Mesoblast Stock Performance

The company has a quick ratio of 1.77, a current ratio of 1.99 and a debt-to-equity ratio of 0.11. The firm's 50 day simple moving average is $15.38 and its 200 day simple moving average is $12.85.

Institutional Trading of Mesoblast

Several hedge funds have recently bought and sold shares of MESO. Goldman Sachs Group Inc. purchased a new stake in Mesoblast in the 1st quarter worth $3,209,000. GAMMA Investing LLC raised its position in shares of Mesoblast by 1,174.2% during the 1st quarter. GAMMA Investing LLC now owns 85,513 shares of the company's stock valued at $1,067,000 after buying an additional 78,802 shares in the last quarter. Summit X LLC raised its position in shares of Mesoblast by 36.0% during the 1st quarter. Summit X LLC now owns 198,163 shares of the company's stock valued at $2,473,000 after buying an additional 52,508 shares in the last quarter. Cubist Systematic Strategies LLC raised its position in shares of Mesoblast by 104.3% during the 1st quarter. Cubist Systematic Strategies LLC now owns 71,891 shares of the company's stock valued at $897,000 after buying an additional 36,700 shares in the last quarter. Finally, XY Capital Ltd purchased a new stake in shares of Mesoblast during the 1st quarter valued at about $346,000. Hedge funds and other institutional investors own 1.43% of the company's stock.

About Mesoblast

Mesoblast Limited engages in the development of regenerative medicine products in Australia, the United States, Singapore, and Switzerland. The company offers products in the areas of cardiovascular, spine orthopedic disorder, oncology, hematology, and immune-mediated and inflammatory diseases. Its proprietary regenerative medicine technology platform is based on specialized cells known as mesenchymal lineage cells.

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