Mesoblast shares are up sharply. Is this biotech still undervalued?

Mesoblast Ltd (ASX: MSB) shares opened the week with a bang, jumping 11% to $2.45 after the ASX biotech announced a major clinical milestone.

Despite the surge, Mesoblast shares remain down 10% year to date and 0.4% over the past 12 months. So, with the latest news already…