Mediwound

MDWD · NASDAQ

$12.10−$0.60 (−4.72%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $12.70

MDWD analyst rating

BuyConsensus of 3 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy3
Hold0
Underperform0
Sell0

12-month price target · 8 analysts

Average $31.28 (+158.5% upside)

Low: $25.25
Now: $12.10
High: $37.80

Upgrades and downgrades

The latest rating actions, newest first

MDWD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Oppenheimer	Aug 14, 2026	Maintains	Outperform	$32.00 → $30.00	33%
Oppenheimer	May 28, 2026	Maintains	Outperform	$33.00 → $32.00	35%
HC Wainwright & Co.	May 28, 2026	Maintains	Buy	$36.00	43%
HC Wainwright & Co.	Nov 21, 2025	Maintains	Buy	$31.00 → $36.00	43%

The case for and against

Updated Oct 18, 2026

Bull case

MediWound is supported by a credible commercial base in NexoBrid, where U.S. burn care uptake is continuing, Japan and the UK have added national consensus guidelines, and the 10-year BARDA contract is valued at up to $197M with initial procurement expected to begin in 2H26. FY26 revenue guidance of $24-$26M, weighted to 2H26 and supported primarily by BARDA-related revenue, appears achievable despite the manufacturing transition because the outlook is not dependent on regulatory clearance timing and backlog shipments have already been dispatched in 2Q26. Longer term, EscharEx is the key upside driver, with projected U.S. peak sales raised to $1.05B as the TAM expands to include pressure ulcers, while the VALUE and DFU programs continue to advance toward late-2027 regulatory discussions and additional clinical validation.

Bear case

MediWound is facing a deteriorating fundamental outlook because anticipated initial revenues for EscharEx have been pushed further into 2028, delaying any meaningful contribution from a key pipeline asset. EU countries’ failure to approve favorable reimbursement for NexoBrid in medium to severe burn wounds has already contributed to poor revenue generation and unprofitability, despite the product’s FDA-approved orphan biologic status. The investment case is further weakened by the risk that unfavorable reimbursement could restrain physician adoption or that EscharEx may fail to show an adequate efficacy profile in P3 development.

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