Madrigal Pharmaceuticals price target raised to $392 from $360 at Evercore ISI

Evercore ISI raised the firm’s price target on Madrigal Pharmaceuticals (MDGL) to $392 from $360 and keeps an Outperform rating on the shares following what the firm calls “another solid quarter.” The stock was trading off at the open, however, which the firm sees as likely driven by fading near term M&A speculation and cash utilization. The firm sees post-earnings weakness as a buying opportunity, noting that it updated its model with increased revenue projections off a strong quarter and 4% price increase.