Overview
- Shares climbed after pivotal trial results beat forecasts, with the stock at $70.40 and up 244% over 52 weeks as of April 20, giving the company a $5.94 billion market value.
- The therapy, cretostimogene grenadenorepvec, targets non-muscle invasive bladder cancer, a common form where many current treatments carry harsh side effects.
- Meridian’s investor letter said the efficacy signals drew fresh investor interest and put the company in a favorable position ahead of potential milestones.
- Hedge fund ownership ticked up to 35 portfolios at the end of the fourth quarter, up from 34 in the prior period.
- In the same letter, Meridian reported a -8.37% first-quarter return versus a -2.82% decline for the Russell 2000 Growth Index.