Madrigal price target lowered to $390 from $425 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Madrigal Pharmaceuticals to $390 from $425 and keeps a Buy rating on the shares following the Q1 report. The analyst views the commentary from Madrigal’s earnings call as largely confirming the firm’s initial expectations around the April 9 commercial launch of Rezdiffra as the first drug approved for the treatment of nonalcoholic steatohepatitis. The firm cites the recent equity dilution and higher than expected operating expense to support the commercial launch of Rezdiffra for the target drop.