Madrigal Pharmaceuticals price target raised to $540 from $400 at Piper Sandler

Piper Sandler raised the firm’s price target on Madrigal Pharmaceuticals (MDGL) to $540 from $400 and keeps an Overweight rating on the shares into Q3 earnings given REZDIFFRA’s strong launch trajectory and IP out to 2044. The firm also looks at growing strategic MASH interest, highlighting key contributing factors Piper thinks are driving growing appreciation and thus investments in the space. With this, the firm believes GLP-1 in MASH will ultimately expand the top of the funnel to increase REZDIFFRA’s TAM considering that GI/Heps tend to prefer liver-targeted therapies.