H.C. Wainwright analyst Ed Arce raised the firm’s price target on Madrigal Pharmaceuticals to $275 from $225 and keeps a Buy rating on the shares. The firm says that with resmetirom approaching its potential approval for non-cirrhotic nonalcoholic steatohepatitis patients by its FDA action date of March 14, 2024, and with the MAESTRO-NASH-OUTCOMES study enrolling approximately 700 patients with early NASH cirrhosis that could support an additional indication for resmetirom in patients with well-compensated NASH cirrhosis, it is updating its model to reflect two NASH patient populations that it regards as distinctively different.
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