JMP Securities analyst Jonathan Wolleben raised the firm’s price target on Madrigal Pharmaceuticals to $312 from $182 and keeps a Market Perform rating on the shares. The analyst said that resmetirom looks approvable based on the Phase 3 MAESTRO-NASH data. Wolleben added that he would be a continued buyer on the shares even with the roughly 250% move higher on the top-line data because the current valuation underappreciates the "blockbuster opportunity" and because Madrigal now becomes a top M&A target.
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