Why Mesoblast Stock Is Skyrocketing Today

Shares of Mesoblast (NASDAQ: MESO) were skyrocketing 49.5% higher as of 11:23 a.m. EDT on Friday. The huge jump came after the Australian biotech announced an FDA advisory committee vote recommending approval of Ryoncil in treating pediatric patients with steroid-refractory acute graft versus host disease (SR-aGVHD).

The FDA doesn't always go along with the recommendations of advisory committees, but it usually does. In this case, the Oncologic Drugs Advisory Committee voted nine to one in favor of Ryoncil after determining that the available data support the efficacy of the drug in treating SR-aGVHD in pediatric patients.

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Source Fool.com