Mediwound: NexoBrid Capacity Expansion and EscharEx Pipeline Catalysts Support Buy Rating and $36 Target

Mediwound, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Swayampakula Ramakanth from H.C. Wainwright reiterated a Buy rating on the stock and has a $36.00 price target.

Swayampakula Ramakanth has given his Buy rating due to a combination of factors tied to Mediwound’s growth outlook and key product catalysts. He points to management’s multi‑year revenue guidance, which, despite a near‑term 2025 forecast below consensus because of government‑related timing issues, implies a strong compound annual growth rate through 2028. The company expects a substantial ramp in sales driven largely by expanded manufacturing capacity for NexoBrid, projected to increase sixfold by the end of 2026, positioning Mediwound to meet rising demand. In addition, the anticipated commercial launch of EscharEx in 2028 is seen as a major growth inflection, further supporting the bullish view.

EscharEx is highlighted as the primary driver of Mediwound’s valuation, with the Phase III VALUE trial in venous leg ulcers expected to complete enrollment and reach an interim analysis by late 2026, and additional Phase II and investigator‑initiated studies planned in diabetic foot ulcers and pressure ulcers, respectively. These programs are projected to support a meaningful ramp in risk‑adjusted EscharEx revenues from the late 2020s into the early 2030s. Using a risk‑adjusted net present value model that discounts expected cash flows from both NexoBrid and EscharEx and incorporates the company’s cash position, Ramakanth arrives at an equity value that underpins a 12‑month price target of $36 per share. While he notes typical biopharma risks—including clinical, regulatory, commercial, partnership, financial, and intellectual property uncertainties—he concludes that the upside potential justifies maintaining a Buy recommendation.

In another report released yesterday, TD Cowen also reiterated a Buy rating on the stock with a $25.00 price target.