In a report released yesterday, Jay Olson from Oppenheimer reiterated a Buy rating on Madrigal Pharmaceuticals Inc (MDGL), with a price target of $200. The company’s shares closed on Friday at $129.94.
Olson commented:
“MDGL shares were penalized last week (-30% since 11/9/2018, NBI -3% and a definition of NASH resolution for MGL-3196 in Ph2 which is slightly different from that used in ongoing Ph3 trials. While we believe this difference is likely negligible, we acknowledge it could introduce regulatory risk on the primary endpoint which we believe should be resolved once the FDA finalizes MDGL’s Ph3 NASH protocol. Meanwhile, we lower our NASH probability of success (POS) to 50% from 75% prior and raise our dyslipidemia POS to 50% from 33% prior. We remain confident that MGL-3196 should become the first in class THR β-selective agonist for NASH and dyslipidemia with potential for both monotherapy and combinations. Details inside.”
According to TipRanks.com, Olson ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -9.1% and a 32.8% success rate. Olson covers the Healthcare sector, focusing on stocks such as Eiger Biopharmaceuticals, Conatus Pharmaceuticals, and Spero Therapeutics Inc.
Currently, the analyst consensus on Madrigal Pharmaceuticals Inc is a Strong Buy with an average price target of $286.33, representing a 120.4% upside. In a report issued on November 16, Evercore ISI also upgraded the stock to Buy with a $250 price target.
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The company has a one-year high of $325.98 and a one-year low of $40.28. Currently, Madrigal Pharmaceuticals Inc has an average volume of 245.9K.
Based on the recent corporate insider activity of 8 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.
