Madrigal Pharmaceuticals price target raised to $239 from $154 at BofA

BofA raised the firm’s price target on Madrigal Pharmaceuticals (MDGL) to $239 from $154 and keeps an Underperform rating on the shares. The Q4 updates, which included “favorable” two-year OLE data, were “positive” and Rezdiffra’s launch has been “robust” despite the firm’s initial concerns, the analyst tells investors. However, while the firm recognizes room for further near-term sales upside, the extent to which this has already been priced into shares and the “aggressive expansion” of 2025 and later forecasts are “concerning,” adds the analyst, who sees increasing downside risks despite Madrigal’s successes.