Madrigal Pharmaceuticals price target raised to $250 from $170 at Oppenheimer

Oppenheimer analyst Jay Olson raised the firm’s price target on Madrigal Pharmaceuticals to $250 from $170 and keeps an Outperform rating on the shares after the company announced positive topline results for Phase 3 MAESTRO-NASH trial of resmetirom in NASH, which he believes represents a transformational moment in the history of NASH drug development as a long-awaited victory for patients, while driving substantial stock outperformance. The analyst also raised his estimated probability of success for resmetirom to 80%.