MediWound Ltd (MDWD) PT Lowered to $36 at Oppenheimer on "continued difficult market conditions"

Oppenheimer analyst Francois Brisebois lowered the price target on MediWound Ltd (NASDAQ: MDWD) to $36.00 (from $63.00) while maintaining a Outperform rating.

The analyst comments: "MediWound's 2Q23 top line of $4.8M beat both our estimate of $3.9M and the Street's $4.2M. On the EscharEx front, we are pleased by the progress (collaborations) in the pivotal P3 trial (patient enrollment expected in early 2024). On the NexoBrid front, the recent launch in Japan is encouraging, and we await India launch soon. While US launch by partner Vericel is expected in 1Q24, management reaffirmed that it expects no impact on 2023-2024 revenues (due to ex-US demand). We are pleased by progress in MDWD's manufacturing facility (expecting: mid-2024 completion, 2025 full-scale manufacturing). Given continued difficult market conditions, we have opted for a more conservative approach and are decreasing our PT to $36."

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