Oppenheimer lowered the firm’s price target on Madrigal Pharmaceuticals (MDGL) to $350 from $375 and keeps an Outperform rating on the shares. The firm is optimistic ahead of the Q3 update as it believes Madrigal’s pioneering opportunity for Rezdiffra in MASH is underappreciated due to anticipation of ESSENCE study results for semaglutide. Oppenheimer is encouraged by important dynamics going into the Q3 update.
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