Piper Sandler keeps an Overweight rating on Madrigal Pharmaceuticals (MDGL) with a $400 price target after the company received a notice of allowance from the Patent and Trademark Office covering the use of Rezdiffra. The news “presents a significant win and stock-moving event,” the analyst tells investors in a research note. The firm believes the patent bolsters Rezdiffra’s blockbuster potential. The drug is on track to cross $1Bannual sales in 2026, and represents a $5B opportunity, especially with patent coverage out to 2044, contends Piper. Madrigal in premarket trading is up 6% to $330.00.
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