Citizens JMP raised the firm’s price target on Madrigal Pharmaceuticals (MDGL) to $485 from $483 and keeps an Outperform rating on the shares after the EU granted Rezdiffra conditional approval for the treatment of adults with noncirrhotic MASH with moderate to advanced liver fibrosis. The firm is pleased with the approval and says Madrigal will target 370,000 EU patients with its launch in Germany next quarter. The EU guidelines already list Rezdiffra as a first-line therapy for MASH, positioning it well for a strong early launch overseas, the analyst tells investors in a research note.
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