B. Riley analyst Mayank Mamtani raised the firm’s price target on Madrigal Pharmaceuticals to $194 from $75 and keeps a Neutral rating on the shares after the company announced topline results from the Phase 3 MAESTRO-NASH study that the analyst said position lead candidate resmetirom as "one of the highly derisked late-stage NASH candidates." The full data disclosure and pre-NDA meeting represent two catalysts that Mamtani will look toward to "gain additional conviction in the fully de-risked nature of resmetirom," including to determine whether the revised price target "would need upward revisions," the analyst tells investors.
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