Madrigal Pharmaceuticals price target raised to $394 from $377 at Canaccord

Canaccord raised the firm’s price target on Madrigal Pharmaceuticals (MDGL) to $394 from $377 and keeps a Buy rating on the shares following the quarterly results and business highlights. Sales revenue for Rezdiffra, the company’s first FDA approved nonalcoholic steatohepatitis drug, has beat expectations in two sequential quarters, the analyst tells investors in a research note. The firm is highly confident that product sales revenue will achieve a fast growth rate in the coming quarters.