Oppenheimer analyst Jay Olson maintained a Buy rating on Madrigal Pharmaceuticals Inc (MDGL) today and set a price target of $200. The company’s shares closed yesterday at $131.28.
Olson noted:
“MDGL reported 4Q earnings with EPS ($0.75) and YE18 cash balance of $483.7M. MDGL had a positive end of Ph2 meeting with FDA for the NASH program. Management confirmed that initiation of Ph3 in NASH is still on track for 1Q and an investigator meeting is planned in March. The second Ph3 study in dyslipidemia is in planning stages with the and could start ~mid-2019. We view the OCA Ph3 data as a positive for MDGL since MGL-3196 has a potentially complementary profile that focuses on NASH resolution via fat removal from the liver and could be complementary to OCA which works downstream on fibrosis. We update our model with actuals.”
According to TipRanks.com, Olson has 0 stars on 0-5 star ranking scale with an average return of -4.7% and a 40.0% success rate. Olson covers the Healthcare sector, focusing on stocks such as Conatus Pharmaceuticals, Spero Therapeutics Inc, and Enanta Pharmaceuticals.
Madrigal Pharmaceuticals Inc has an analyst consensus of Moderate Buy, with a price target consensus of $175, a 33.3% upside from current levels. In a report released yesterday, H.C. Wainwright also maintained a Buy rating on the stock with a $228 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.
