Madrigal Pharmaceuticals (MDGL) PT Raised to $469 at Citi

Citi analyst David Lebowitz raised the price target on Madrigal Pharmaceuticals (NASDAQ: MDGL) to $469.00 (from $378.00) while maintaining a Buy rating.

The analyst comments "Madrigal reported 4Q24 financial results, exceeding sales expectations for Rezdiffra for the third consecutive quarter since its launch in 2Q24. While we expect some degree of seasonal headwinds in 1Q (consistent with that for the biotech space more broadly), overall, we believe the therapy will continue building momentum as Madrigal broadens its prescriber base and deepens its penetration at top targets. Separately, Madrigal announced promising topline two-year data from the compensated cirrhosis cohort in the Ph3 MAESTRO-NAFLD-1 trial, with liver stiffness improvements that support Rezdiffra’s potential treatment benefit for this difficult-to-treat population. Lastly, we note Madrigal reiterated its focus on MASH as it looks to build out a pipeline. In our view, this suggests the potential for business development activity to broaden its offerings in the space. This could include looking at other mechanisms that may complement Rezdiffra."

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