MESOBLAST LIMITED (MSB)
Share Price Analysis and Chart

09/10/2026

1

Buy

$4.45

116.02%

Australian biotech has endured a difficult 12 months, with several randomised clinical trials failing to meet their endpoints. Bell Potter believes this period has undermined investor confidence and contributed to recent weakness in Mesoblast's share price.

Highlighting several potentially significant clinical catalysts over the coming year, the analysts retain their Buy rating and $4.45 target for the company.

Further clinical progress is expected to narrow what Bell Potter sees as a persistent information gap amongst Australian institutions.

The interim readout from the adult graft-versus-host disease study is due in the March quarter 2027 and headline data from the chronic lower back pain trial by around mid-2027.

The broker's sum-of-the-parts valuation for Mesoblast's three assets Ryoncil, Rexlemestrocel and Revascor ranges from $5.83-$15.51.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.06 cents.
Bell Potter forecasts a full year FY28 dividend of 0.00 cents and EPS of 40.07 cents.

30/08/2026

1

Buy

$3.56

72.82%

Canaccord Genuity retains a Buy rating for Mesoblast with a $3.56 target price following an FY26 result featuring US$115.2m in net Ryoncil sales, meeting expectations.

The company reiterated its path towards cashflow breakeven, highlighted by a reduction in second-half operating cash outflows to -US$13.4m from -US$30.0m in the first half, despite funding an ongoing 350-patient CLBP trial.

While the analysts note breakeven is unlikely in the coming year, they forecast a sufficient capital runway, supported by an anticipated royalty or licensing deal ahead of rexlemestrocel-L's potential launch.

The standalone Ryoncil paediatric business is valued at $2.78 per share and has been assigned a risked pipeline value of $0.78 per share for the CLBP and HF indications.

The valuation methodology has been updated to assess Ryoncil via a single, combined DCF spanning both paediatric and adult populations.