TD Cowen raised the firm’s price target on Madrigal Pharmaceuticals (MDGL) to $644 from $554 and keeps a Buy rating on the shares. The firm updated its model following reports the company MDGL licensed ervogastat, a DGAT-2 inhibitor, from Pfizer (PFE) for $50M upfront plus milestone and royalties. Madrigal believes ervogastat and Rezdiffra have complementary MOAs in MASH and in 2026 plan to run DDI studies and initiate a Ph2 factorial combo trial for MASH.
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