- Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) has announced positive topline results from the pivotal Phase 3 MAESTRO-NASH biopsy trial of resmetirom.
- JMP has raised the price target from $182 to $312 and reiterates its Market Outperform rating.
- Resmetirom looks approvable based on Phase 3 MAESTRO-NASH data, the analyst said.
- The analyst raised POS for resmetirom to 90% in both the U.S. and EU (from 70% and 60%, respectively) with peak sales of ~$5 billion and ~$1.5 billion (compared to $3 billion and ~$600 million expected earlier).
- JMP models at an annual price of $15K in the U.S. (up from $5K) to be more in line with the annual WAC for obesity drug Wegovy ($16,188) from Novo Nordisk A/S (NYSE:NVO).
- The analyst also raised the European price estimate to $5K (from $3,500).
- JMP writes that Madrigal has now become a top M&A target. There is no shortage of large players with NASH exposure, including Novo Nordisk, Novartis AG (NYSE:NVS), Pfizer Inc (NYSE:PFE), Eli Lilly And Co (NYSE:LLY), Merck & Co Inc (NYSE:MRK), AstraZeneca Plc (NASDAQ:AZN), Gilead Sciences Inc (NASDAQ:GILD) to name a few, that could drive up a takeout premium.
- Price Action: MDGL shares are up 6.71% at $250.35 on the last check Tuesday.
Accenture Expects Q4 Revenue Of $15.75B-$16.35B Vs $16.35B Est; Reduces FY23 Revenue Growth to 8%-9%, (From Prior 8%-10%) Vs $64.41B Est, adj EPS of $11.52-$11.63 (From Prior $11.41-$11.63) Vs $11.6 Est
Business Outlook
Fourth Quarter Fiscal 2023
Accenture expects revenues for the fourth quarter of fiscal 2023 to be in the range of $15.75 billion to $16.35 billion, an increase
