B.Riley FBR Initiates a Hold Rating on Madrigal Pharmaceuticals Inc (MDGL)


B.Riley FBR analyst Mayank Mamtani initiated coverage with a Hold rating on Madrigal Pharmaceuticals Inc (MDGL) today and set a price target of $128. The company’s shares closed yesterday at $133.81.

Mamtani said:

“Pharmaceuticals, Inc. (MDGL) disclosed in a press release 4Q18 results and corporate update, alongside the 10-K filing. 4Q18 EPS of $(0.75) came ahead of our/consensus expectation of $(0.82)/$(0.77). We were particularly encouraged by the progress being made on Ph. III study initiation in non-alcoholic steatohepatitis (NASH) patients, which remains on track to initiate in 1Q19 following a positive end of Ph. II meeting. Remain Neutral, increasing PT from $124 to $128 with model updates relating to pushing out of Ph. III dyslipidemia trial initiation to later in 2019.”

According to TipRanks.com, Mamtani is a 3-star analyst with an average return of 6.7% and a 64.7% success rate. Mamtani covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Allena Pharmaceuticals Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Madrigal Pharmaceuticals Inc with a $192 average price target.

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Based on Madrigal Pharmaceuticals Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $8.51 million. In comparison, last year the company had a GAAP net loss of $8.45 million.

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Madrigal Pharmaceuticals, Inc. engages on the development and commercialization of innovative therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. Its lead product, MGL-3196, is used for the treatment of non-alcoholic steatohepatitis and familial hypercholesterolemia.

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