Citi analyst Joel Beatty sees the Phase 3 trial design confirmed by Madrigal Pharmaceuticals at the end of March as “derisking.” The analyst believes there will be a growing appreciation toward using nonalcoholic steatohepatitis drugs with a strong metabolic component in most patients. Further, there’s little takeover premium currently in Madrigal shares, which could lead to upside in the event that a NASH competitor is acquired, says the analyst. He keeps a Buy rating on Madrigal Pharmaceuticals with a $200 price target.
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