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Here's Why Mesoblast Is Soaring Today

TheMotleyFool

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Shares of Mesoblast (NASDAQ: MESO) rose as much as 27.2% today after the company announced the pricing of an offering of common stock. The stem cell developer will issue up to 43 million shares of common stock at AUD$3.20 apiece on the Australian Securities Exchange (ASX). The business expects to generate gross proceeds of up to AUD$138 million, or roughly $90 million in U.S. dollars.

Investors were encouraged by signs that the offering drew significant interest. The Sydney Morning Herald reported that Mesoblast had to push back "on demand from both new and existing institutional investors." As of 2 p.m. EDT, the small-cap stock had settled to a 11.9% gain.

Image source: Getty Images.

Source Fool.com

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