Piper Sandler analyst Yasmeen Rahimi raised the firm’s price target on Madrigal Pharmaceuticals (MDGL) to $280 from $203 and keeps an Overweight rating on the shares. The stock in midday trading is up 231% to $211.28. Following this morning’s data, the analyst has “strong conviction” in the probability of success for resmetirom approval as the first nonalcoholic steatohepatitis drug for patients with metabolic disease and substantial liver fibrosis. This represents a major opportunity of 6M-plus patients in the U.S., Rahimi tells investors in a research note. Considering there are no currently approved treatment options, resmetirom could achieve first-line positioning based on the “robust efficacy” for both NASH resolution and fibrosis, says the analyst.
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