After Cowen & Co. and H.C. Wainwright gave Madrigal Pharmaceuticals Inc (NASDAQ: MDGL) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Jay Olson maintained a Buy rating on Madrigal Pharmaceuticals Inc today and set a price target of $200. The company’s shares closed yesterday at $120.66.
Olson wrote:
“What if a single once daily pill could treat fatty liver disease and lower cardiovascular disease risk as an unexpected bonus? If MDGL is successful, this concept could become reality thanks to an innovative Ph3 proposal for MGL-3196 which the market doesn’t seem to give shares credit for. In a Ph2 NASH study, MGL-3196 lowered LDL- c by 22% overall with a 29% reduction in patients intolerant to high intensity statins. Triglycerides were lowered by 25% in the same study thus making MGL-3196 likely the only NASH therapeutic able to lower lipids to an extent consistent with regulatory approval for dyslipidemia. We explored the relationship between NAFLD and lipids coming away more bullish on MDGL. Details inside.”
According to TipRanks.com, Olson is ranked 0 out of 5 stars with an average return of -6.7% and a 35.5% success rate. Olson covers the Healthcare sector, focusing on stocks such as Eiger Biopharmaceuticals, Conatus Pharmaceuticals, and Enanta Pharmaceuticals.
Madrigal Pharmaceuticals Inc has an analyst consensus of Moderate Buy, with a price target consensus of $275.60.
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The company has a one-year high of $325.98 and a one-year low of $45.54. Currently, Madrigal Pharmaceuticals Inc has an average volume of 274K.
Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MDGL in relation to earlier this year.
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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.
