Madrigal Pharmaceuticals Inc (MDGL) Receives a Buy from B.Riley FBR

By Austin Angelo

B.Riley FBR analyst Mayank Mamtani reiterated a Buy rating on Madrigal Pharmaceuticals Inc (MDGLResearch Report) on August 9 and set a price target of $134. The company’s shares closed on Friday at $89.66, close to its 52-week low of $82.39.

Mamtani wrote:

“Pharmaceuticals, Inc. (MDGL—Buy, $134 Pharmaceuticals, Inc. (CBAY—Neutral, $8 PT ) reported 2Q19 financial results and provided corporate updates including further strengthening their executive team and board. While both stocks have underperformed 20% relative to +18% for XBI, we anticipate some recovery through the rest of the year with a relatively more favorable bias towards MDGL given the catalyst profile, notably initiation of Ph. III early NASH dyslipidemia trial and oral abstract presentation of incremental Ph. II data at AASLD’19 in November. CBAY also holds to benefit from a lateral readthrough off of GNFT’s Ph.”

According to TipRanks.com, Mamtani has currently no stars on a ranking scale of 0-5 stars, with an average return of -14.1% and a 22.7% success rate. Mamtani covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Allena Pharmaceuticals Inc.

Madrigal Pharmaceuticals Inc has an analyst consensus of Strong Buy, with a price target consensus of $167.75, an 87.1% upside from current levels. In a report issued on August 8, H.C. Wainwright also maintained a Buy rating on the stock with a $225 price target.

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The company has a one-year high of $255.68 and a one-year low of $82.39. Currently, Madrigal Pharmaceuticals Inc has an average volume of 163.6K.

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Madrigal Pharmaceuticals, Inc. engages on the development and commercialization of innovative therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. Its lead product, MGL-3196, is used for the treatment of non-alcoholic steatohepatitis and familial hypercholesterolemia.