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Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) is positioned to dominate a “blockbuster market,” according to Goldman Sachs. But while the bank believes in the biotech’s longer-term prospects, it sees no near-term catalysts for Madrigal’s stock.
The Rating
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Analyst Salveen Richter downgraded Madrigal to Neutral but maintained his $314 price target.
The Thesis
Richter forecasts limited upside to his fundamental discounted cash flow value and anticipates few value-driving catalysts in the near future. However, he maintains high expectations for MGL-3196.
“We continue to view MGL-3196, a once-daily oral thyroid hormone receptor (THR)-beta agonist, as a best-in-class and industry drug for NASH driven by the positive liver and cardiometabolic profile (per the Phase 2 36-week study) and corroborating KOL feedback,” Richter wrote in a note. “Specifically, based on the efficacy/safety profile seen to date with MDGL’s MGL-3196 - our KOLs suggest this would be a first choice as monotherapy.”
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He identifies a “clear development path” for MGL-3196 and anticipates New Drug Applications for two indications with global peak sales of $6 billion.
Additionally, given management’s interest in business development activities to commercialize the candidate, Madrigal could eventually drive value with a merger.
“Post the highly impressive MGL-3196 Ph2 36-week liver biopsy data, MDGL is positioned as a leading next-generation NASH player with a best-in-class strategic asset in a blockbuster market where there are currently no approved therapies,” Richter wrote.
Price Action
At time of publication, shares traded down 3.5 percent at $242.05.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.