Madrigal Pharmaceuticals price target lowered to $285 from $350 at Oppenheimer

Oppenheimer analyst Jay Olson lowered the firm’s price target on Madrigal Pharmaceuticals to $285 from $350 and keeps an Outperform rating on the shares following quarterly results. The company also provided a business update, saying resmetirom NASH NDA was filed in early July based on Phase 3 MAESTRONASH results demonstrating efficacy on both NASH resolution and fibrosis improvement with recent BTD designation from FDA; FDA acceptance and review timeline should be disclosed by late Sept; achieving both efficacy endpoints clarifies European regulatory path while increasing the POS in compensated NASH cirrhosis; and MAESTRO studies generated extensive biomarker and imaging data to advance noninvasive strategies for real-world clinical use in diagnosing, treating and monitoring NASH with resmetirom.