B. Riley raised the firm’s price target on Madrigal Pharmaceuticals (MDGL) to $560 from $460 and keeps a Buy rating on the shares following a transfer of coverage. The firm’s patient analysis shows a “significantly enhanced contribution from maintenance Rezdiffra patients despite factoring in heightened competitive pricing impact from Wegovy. Just one and half years into launch, Rezdiffra is nearing an annualized revenue run-rate of $1B, currently with only 7% of target 315,000 U.S. patient population penetrated, the analyst tells investors in a research note.
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