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MDGL · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Madrigal Pharmaceuticals, Inc. Common Stock (MDGL) stock moving?
MDGL reported a strong Q3 on Nov 3: EPS of $1.83 versus a $(0.94) estimate, Rezdiffra net sales of $431.3M (up 50% year over year, versus $404.3M expected), and the first profitable quarter, with $961.8M in cash and equivalents. Patient count also nearly doubled year over year to more than 55,850. Despite the beat, the stock closed down about 8.1% on Nov 3 at $396.32, after trading as high as $482.73 and as low as $387.33 on about 1.98M shares, roughly eight times the recent average. A whistleblower retaliation complaint disclosed in early November then drew law-firm investigations on Nov 5, and the stock fell to an intraday low of $353.54 on Nov 4. It recovered to $432.60 by Nov 10, roughly back to its pre-earnings close of $431.16, on elevated volume. Analysts remained constructive: Citigroup raised its target to $760, Truist to $743, and Canaccord to $633, while BofA kept a Hold with a $479 target. Positives are the sales beat, profitability and new Phase 3 plans; the main overhang is the whistleblower matter, and the next major data readout (MAESTRO-NASH outcomes) is not expected until late 2027.
News behind the analysis
- BofA Securities Maintains Hold Rating on Madrigal PharmaceuticalsBofA Securities reaffirmed its Hold rating and $479 price target for Madrigal Pharmaceuticals.
- Madrigal Pharmaceuticals Reports Third-Quarter 2026 Financial ResultsMadrigal reported its first profitable quarter, with $431.3M in Rezdiffra net sales, and announced plans for a new Phase 3 trial.
- Madrigal Pharmaceuticals Q3 EPS $1.83 Beats $(0.94) Estimate, Sales $431.268M Beat $404.264M EstimateQ3 earnings and sales both beat consensus estimates by a wide margin.
- Madrigal Plans Second Phase 3 Outcomes Trial (MAESTRO-CSPH) In MASH Cirrhosis; Start Expected 1H27Madrigal plans a second Phase 3 outcomes trial, MAESTRO-CSPH, in MASH cirrhosis, with a start expected in the first half of 2027.
- Citigroup Maintains Buy on Madrigal Pharmaceuticals, Raises Price Target to $760Citigroup kept its Buy rating and raised its price target to $760 after the quarter.
- Madrigal Pharmaceuticals Faces Whistleblower Retaliation ComplaintMadrigal disclosed that a former employee filed an October 2026 complaint alleging retaliation under the Sarbanes-Oxley Act.
- Truist Raises Price Target on Madrigal Pharmaceuticals to $743Truist raised its price target from $709 to $743 and kept its Buy rating.
- Canaccord Genuity Maintains Buy on Madrigal Pharmaceuticals, Raises Price Target to $633Canaccord Genuity maintained its Buy rating and raised its price target to $633.
- Law Firms Investigate Potential Securities Violations Following Whistleblower ComplaintMultiple law firms have opened investigations into possible securities fraud at Madrigal after the whistleblower complaint disclosure.
- Madrigal Pharmaceuticals Announces New Real-World Data for Rezdiffra at AASLD 2026New real-world data presented at AASLD 2026 showed improvements in liver stiffness and cardiometabolic health for Rezdiffra patients.
About Madrigal Pharmaceuticals, Inc. Common Stock
Madrigal Pharmaceuticals is a biotech company based in Conshohocken, Pennsylvania. It sells Rezdiffra (resmetirom), the first drug approved in the US to treat MASH, a serious fatty liver disease that leaves scar tissue in the liver. Madrigal is betting almost entirely on this one liver condition, and Rezdiffra passed about $1 billion in yearly sales soon after launch.
How it makes money
Nearly all of Madrigal's revenue comes from US sales of Rezdiffra, which is approved for adults with MASH and moderate-to-advanced liver scarring. Sales were about $431 million in Q3 2026, up about 50% from a year earlier, and about 55,850 patients were taking the drug. That quarter was the company's first profitable one. Madrigal pays royalties to Roche on Rezdiffra sales. It is also testing combination treatments in MASH, including an oral GLP-1 drug called MGL-2086, and is working to get Rezdiffra approved for more patients.
What usually moves MDGL
- Growth in Rezdiffra prescriptions and patient numbers
- Results of outcome trials, especially MAESTRO-NASH OUTCOMES in early cirrhosis (data expected late 2027)
- Competition from GLP-1 drugs and other MASH treatments
- Insurance coverage and pricing
- Progress on getting the drug approved outside the US and on its pipeline