Madrigal Pharmaceuticals

MDGL · NASDAQ

$467.54+$20.45 (+4.57%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $447.09

MDGL analyst rating

BuyConsensus of 15 analysts over the last 12 months. 93% rate it a buy.

Strong buy0
Buy14
Hold1
Underperform0
Sell0

12-month price target · 21 analysts

Average $695.64 (+48.8% upside)

Low: $548.43
Now: $467.54
High: $1,010.10

Upgrades and downgrades

The latest rating actions, newest first

MDGL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Goldman Sachs	Sep 24, 2026	Initiates	Buy	$704.00	42%
Citigroup	Sep 23, 2026	Initiates	Buy	$725.00	39%
Wolfe Research	Aug 4, 2026	Upgrade	Peer Perform → Outperform	$605.00	47%
Barclays	Aug 3, 2026	Maintains	Overweight	$964.00 → $962.00	45%
Canaccord Genuity	Jul 29, 2026	Maintains	Buy	$578.00 → $587.00	44%
Wells Fargo	Jul 27, 2026	Initiates	Overweight	$685.00	25%
B of A Securities	Jun 11, 2026	Maintains	Neutral	$550.00 → $542.00	77%
Truist Securities	May 13, 2026	Maintains	Buy	$640.00 → $709.00	51%
Canaccord Genuity	May 7, 2026	Maintains	Buy	$587.00 → $578.00	44%
Evercore ISI Group	May 7, 2026	Maintains	Outperform	$652.00 → $649.00	52%

The case for and against

Updated Oct 14, 2026

Bull case

Madrigal Pharmaceuticals is viewed favorably because Rezdiffra is the first approved MASH therapy and early launch metrics suggest strong demand in a disease with roughly 10-20M U.S. patients and substantial unmet need. The outlook is strengthened by physician preference for liver-targeted treatment, supportive safety perceptions, and a model that now assumes 143k U.S. peak F2/F3 patients on Rezdiffra, 193k total U.S. MASH patients treated, and $8.9B in worldwide peak adjusted revenue in 2036. Investor conviction is further supported by longer-than-expected market exclusivity potential and the addition of ARO-PNPLA3, a capital-efficient, human proof-of-concept siRNA asset that could enable combination therapy and broaden Madrigal’s franchise beyond a single-product story.

Bear case

Madrigal Pharmaceuticals is facing a highly uncertain path despite Rezdiffra’s promise, because its thesis depends heavily on successful FDA and EMA approvals, favorable Outcomes study data, and continued real-world safety in a disease area where unexpected adverse events could quickly damage adoption. The company’s own valuation framework remains concentrated in Rezdiffra, with about $596 per share tied to MASH with moderate-to-advanced fibrosis and $31.98 per share tied to compensated cirrhosis, underscoring how much downside exists if efficacy in F4 patients disappoints or timelines slip. Even with projected peak sales of nearly $9.4B in 2033 for fibrotic MASH and about $1B in 2033 for cirrhotic MASH, the absence of terminal value beyond 2033, plus competition and funding risk, supports a negative outlook.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.