B. Riley analyst Mayank Mamtani raised the firm’s price target on Madrigal Pharmaceuticals (MDGL) to $236 from $194 and keeps a Neutral rating on the shares. Madrigal’s Q3 earnings “blowout” print reaffirmed Rezdiffra’s robust early launch trends in advanced nonalcoholic steatohepatitis patients and competitor Novo Nordisk’s (NVO) positive Phase III ESSENCE liver biopsy readout a net positive at large for the MASH therapeutics’ landscape and drove a 40% equity move, the analyst tells investors in a research note. Further upside for Madrigal is limited, however, due to flattening Rezdiffra new prescriptions and the floodgates opened for multiple next-gen GLP1 based therapies, the firm says.
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