Piper Sandler analyst Yasmeen Rahimi reiterated an Overweight rating and $900.00 price target on Madrigal Pharmaceuticals (NASDAQ: MDGL).

The analyst commented: "Recently, we hosted MDGL for an investor dinner and conducted a MASH KOL call, where there was significant interest in MAESTRO-NASH-OUTCOMES with expected completion 2027. Overall, we think Street is not giving enough credit for this readout, as investors may not realize 2027 completion is strongly justified by the patient population's baseline demographics supporting enrollment of high-risk F4 patients with significant cirrhosis and event rates informed by natural history. Further, recognize that MAESTRONASH-OUTCOMES is de-risked to achieve its bar of stat sig reduction in events given REZDIFFRA's compelling efficacy profile in the OLE cirrhosis cohort demonstrating robust effects on NITs such as liver stiffness and ELF, which are strongly correlated to decreased liver-related outcomes. Thus, we are bullish on MDGL and model a 90% PoS for MAESTRO-NASH-OUTCOMES, where we believe positive outcomes data would support full F2-F4 approval and drive share gains."

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Shares of Madrigal Pharmaceuticals closed at $512.65 yesterday.