As previously reported, Wolfe Research analyst Andy Chen downgraded Madrigal Pharmaceuticals (MDGL) to Peer Perform from Outperform and removed the firm’s prior $579 price target The firm has heard a range of buyside expectation between $4B and $6B peak sales and even on $6B peak sales believes the stock is trading at “the tippy top” valuation after outperformance in November and December, the analyst tells investors. The firm also cites poor Inventiva patent strength.
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