B. Riley upgraded Madrigal Pharmaceuticals to Neutral from Sell with a price target of $270, up from $155, after the FDA granted a timely approval to Rezdiffra. The label exceeded the Street’s expectation in terms of not requiring biopsy for treatment initiation and monitoring, and limited monitoring requirements specific to on-target liabilities, the analyst tells investors in a research note. The firm says the $47,000 price per patient per year came at the higher end of previously stated ICER cost-effectiveness analyses range of $33,000-$50,000.
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