Analyst Ritu Baral of TD Cowen maintained a Buy rating on Madrigal Pharmaceuticals, retaining the price target of $644.00.
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Ritu Baral has given his Buy rating due to a combination of factors tied to Rezdiffra’s commercial trajectory and Madrigal’s execution. Rezdiffra’s 4Q25 revenue of $321M modestly exceeded both the firm’s and Street estimates, with over 36,000 patients on therapy, yet still representing a small fraction of the company’s identified addressable population, underscoring substantial remaining penetration potential.
Although management guided to a modest sequential revenue decline in 1Q26 as gross-to-net discounts rise, Baral expects year-over-year growth to persist in 2026 and models Rezdiffra sales around $1.5B for the year, slightly above consensus. She also highlights the breadth of prescriber adoption, favorable access dynamics with first-line positioning and no GLP-1 step edits, and the advancing pipeline, including the planned Phase 1 start for ‘2806 and the Phase 3 F4 outcomes study, as key supports for a constructive long-term outlook.
Baral covers the Healthcare sector, focusing on stocks such as Praxis Precision Medicines, Insmed, and Alnylam Pharma. According to TipRanks, Baral has an average return of 39.7% and a 53.91% success rate on recommended stocks.