Madrigal Pharmaceuticals price target lowered to $382 from $389 at Citi

Citi analyst David Lebowitz lowered the firm’s price target on Madrigal Pharmaceuticals to $382 from $389 and keeps a Buy rating on the shares. The company announced Q1 financial results and set the stage for its newly launched Rezdiffra, the analyst tells investors in a research note. The firm says that while Q2 should reflect limited revenue recognition as the Madrigal “wires the system'” for long-term adoption, the company remains well positioned to capitalize on the multibillion-dollar opportunity with the first and only approved therapy for metabolic dysfunction associated steatohepatitis.