Mesoblast price target raised to $15 from $11 at Piper Sandler

Piper Sandler raised the firm’s price target on Mesoblast (MESO) to $15 from $11 and keeps an Overweight rating on the shares after the FDA approved Ryoncil. The firm noted that with ultra orphan disease pricing, it projects Ryoncil revenues of $12M in 2025 growing to $35M in 2026 and $150M by 2032. Piper told investors that Mesoblast is eligible to borrow up to $50M in convertible debt following the FDA’s approval of Ryoncil.