Mesoblast Ltd's stock surged 6.73% during Monday's intraday trading session, following a significant corporate development.

The sharp rise comes after the company disclosed that JPMorgan Chase & Co. and its affiliates have become a substantial holder, acquiring 65.2 million shares representing 5.05% of the voting power.

This move by a major financial institution is seen as a vote of confidence in Mesoblast, likely driving increased investor interest and buying pressure in the stock.