The Mesoblast Limited (ASX: MSB) share price skyrocketed in July.
Shares in the clinical-stage biotechnology company closed 30 June trading at 61 cents per share. On 29 July, the last trading day of the month, Mesoblast closed at 94 cents per share, up a whopping 54.1% for the month.
For some context, the All Ordinaries Index (ASX: XAO) gained 6.3% in July.
At its closing price in July, the company had market cap of $611 million.
Shares have slipped 4.8% so far in August to 89 cents per share.
Image source: Getty Images
What lifted the ASX biotech share in July?
The Mesoblast share price looks to have enjoyed some bargain hunting early in July after shares fell 38% in June, far outpacing the 10% loss posted by the All Ordinaries.
Aside from the company's quarterly activities report released on 29 July, which saw shares close the day down 2.1%, the only price-sensitive news out from Mesoblast was released on 19 July.
The update on its rexlemestrocel-L product candidate saw the Mesoblast share price close the day up 8.2%.
As The Motley Fool reported on the day:
Rexlemestrocel-L delivered an improvement in left ventricular ejection fraction (LVEF) at 12 months after a single intervention in the 565-patient randomised controlled trial in New York Heart Association (NYHA) class II/III chronic heart failure (CHF) with reduced ejection fraction (HFrEF).
Among the highlights of the clinical trial was a 68% decrease in the rate of recurrent hospitalisations from non-fatal heart attacks or strokes compared with patients in control groups.
Mesoblast shares likely received some sustained tailwinds from the positive trial outcome.
The company reported it will meet with the US Food and Drug Administration (FDA) under the regenerative medicine advanced therapy framework to work on regulatory approval in the world's top economy.
Mesoblast share price snapshot
Despite the strong run higher in July, the Mesoblast share price remains down 55% over the past 12 months. That compares to a full year loss of 8% posted by the All Ordinaries.
