Mesoblast (ASX:MSB) recently held its R&D day for the year, where it provided updates on the rollout of its Ryoncil product, among others, Jefferies said in a Thursday note.

The investment firm particularly noted Mesoblast's fiscal 2026 net revenue guidance of between $110 million and $120 million and goal of doubling its Ryoncil net sales in the US.

Jefferies said other updates that stood out are the company's potential US launch of chronic low back pain in the second quarter of 2028, if approved, and the start of the phase 3 adult steroid-refractory acute GVHD trial in the second quarter of this year.

The investment firm updated the start of chronic low back pain product revenue to fiscal 2029 from fiscal 2027.

Jefferies retained its buy rating on Mesoblast and cut its price target to AU$2.80 from AU$3.20.

Mesoblast's shares jumped almost 5% in recent Friday trade.