Goldman Sachs analyst Andrea Tan raised the firm’s price target on Madrigal Pharmaceuticals to $375 from $178 and keeps a Buy rating on the shares. Madrigal announced positive topline MAESTRO-NASH data evaluating resmetirom in patients with nonalcoholic steatohepatitis with significant fibrosis in which the trial achieved both primary endpoints of NASH resolution and greater than or equal to 2-point NAS reduction with no worsening of fibrosis and fibrosis improvement by at least one stage with no worsening of NAS, Tan tells investors in a research note. This outcome represents Tan’s bull case scenario and she sees the stock moving to $300+ given resmetirom’s robust benefit/risk profile and increasing M&A optionality.
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