mdgl downgrade 08:48 AM EDT, 07/08/2022 (MT Newswires) -- B Riley Securities downgrades Madrigal Pharmaceuticals (MDGL) to neutral from buy due to relatively lowered conviction in the Phase III MAESTRO-NASH study biopsy readout expected in Q4 to support regulatory approvals and successful commercialization.
The firm, in a Friday research report, also lowered the price target to $75 from $131, reflecting an incrementally lower probability of technical and regulatory success for resmetirom in NASH, and modest OpEx spend forecasted, and slight delay in market entry.
The firm also reaffirmed its positive view on the company's best-in-industry execution. Madrigal Pharmaceuticals has an average rating of outperform and price targets ranging from $75 to $203, according to analysts polled by Capital IQ.