Mesoblast Soars 219% on Promising COVID-19 Clinical Trial Data

Shares of Mesoblast (NASDAQ: MESO) rose as much as 218.9% after the company reported promising early-stage results from a small study in COVID-19 patients with acute respiratory distress syndrome (ARDS). The Australian stem cell company's product candidate, remestemcel-L, was administered to 12 patients on mechanical ventilators at New York City's Mt. Sinai Hospital. Doctors reported that 10 patients survived (marking a survival rate of 83%), nine were removed from ventilator support at a median of 10 days (75%), and seven were discharged from the hospital (58%). 

Although the results are from only 12 people, the outcomes are remarkable. A recent observational study of more than 2,600 COVID-19 patients who were placed on mechanical ventilators in New York City found that 88% died. 

As of 11:04 a.m. EDT, the pharma stock had settled to a 132.6% gain.

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Source Fool.com