H.C. Wainwright analyst Ed Arce maintained a Buy rating on Madrigal Pharmaceuticals Inc (MDGL) today and set a price target of $228. The company’s shares opened today at $126.86, close to its 52-week low of $91.56.
Arce noted:
“We continue to expect the initiation of an additional Phase 3 study by mid-2019 in patients with NAFLD (simple steatosis) and early NASH (no fibrosis) and dyslipidemia. Recall, a prior study in patients with heterozygous familial hypercholesterolemia (HeFH), have demonstrated the pleiotropic activity of resmetirom which includes reducing levels of an array of atherogenic lipids; LDL-C, ApoB, triglycerides, ApoCIII, and Lp(a), liver fat and also hs-CRP, all of which are correlated with increased cardiovascular (CV) risk. We continue to believe that resmetirom is very well positioned to demonstrate a strongly favorable CV risk reduction in this much larger patient population and may be approved for dyslipidemia in these patients.”
According to TipRanks.com, Arce is a 4-star analyst with an average return of 7.4% and a 40.6% success rate. Arce covers the Healthcare sector, focusing on stocks such as Melinta Therapeutics Inc, Collegium Pharmaceutical, and Paratek Pharmaceuticals.
Currently, the analyst consensus on Madrigal Pharmaceuticals Inc is a Moderate Buy with an average price target of $158.33, implying a 24.8% upside from current levels. In a report issued on March 20, Oppenheimer also assigned a Buy rating to the stock.
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Based on Madrigal Pharmaceuticals Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $11.48 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.
