Madrigal Pharmaceuticals (MDGL) PT Lowered to $186 at Citi

Citi analyst Joel Beatty lowered the price target on Madrigal Pharmaceuticals (NASDAQ: MDGL) to $186.00 (from $200.00) reflecting the analyst's belief that the ph3 agent, Resmetirom, has the profile to be one of the more widely used NASH drugs but he cut his probability-unadjusted 2026 sales estimate to $1.9B (from $2.1B).

The analyst is expecting a number of ph2b readouts from competitors between now and MDGL’s ph3 results in ~mid 2021 that should reflect increasing competition. The analyst stated "Some of these competing drugs will likely be successful and go on to compete for market share, in our view". No change to the Buy rating.

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