Jonathan Wolleben, an analyst from JMP Securities, reiterated the Buy rating on Madrigal Pharmaceuticals (MDGL – Research Report). The associated price target remains the same with $397.00.
Jonathan Wolleben’s rating is based on the favorable insurance coverage for Madrigal Pharmaceuticals’ drug Rezdiffra by United Healthcare, one of the largest insurers. The lack of requirement for step therapy or prior authorization as of May 1 significantly streamlines the process for patients to access the drug. This positive development comes notably sooner than the 6-12 months period speculated by reimbursement experts. Wolleben anticipates this will bolster the drug’s market uptake and facilitate robust sales.
Additionally, Wolleben is optimistic about the upcoming commentary from Madrigal Pharmaceuticals regarding the early stages of Rezdiffra’s launch, particularly focused on the reimbursement landscape. His projections for the company’s revenue in 2024 are higher than the consensus, based on the high demand anticipated from his recent physician survey. These factors combined lead to a confident Buy rating with a risk-adjusted, discounted cash flow-derived price target for the company’s stock.
In another report released on April 9, Citi also maintained a Buy rating on the stock with a $389.00 price target.
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Madrigal Pharmaceuticals (MDGL) Company Description:
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. The company was founded by Rebecca Taub and Edward Chiang on September 2011 and is headquartered in Fort Washington, PA.
Read More on MDGL:
- Madrigal Pharmaceuticals Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
- Madrigal: Rezdiffra available in the U.S. for noncirrhotic NASH
- Madrigal Pharmaceuticals price target raised to $405 from $325 at Evercore ISI
- Madrigal Pharmaceuticals 750K share Spot Secondary priced at $260.00
- Madrigal Pharmaceuticals Announces Pricing of Upsized $600 Million Public Offering
