Madrigal Pharmaceuticals price target raised to $400 from $350 at Oppenheimer

Oppenheimer analyst Jay Olson raised the firm’s price target on Madrigal Pharmaceuticals (MDGL) to $400 from $350 and keeps an Outperform rating on the shares. The firm left the American Association for the Study of Liver Diseases Liver Meeting encouraged by multiple updates and read-through to Madrigal, including updated metabolic dysfunction-associated steatotic liver disease guidance focusing on resmetirom shared at the conference, additional analysis from MAESTRO-NASH study showing consistent benefits of resmetirom in metabolic dysfunction-associated steatohepatitis patients carrying genetic risk alleles, and potential impacts on tirzepatide efficacy in MASH patients carrying PNPLA3 risk allele. The analyst continues to view the ESSENCE study readout as a clearing event for Madrigal.