Madrigal Pharmaceuticals Shares Surge 268% on Positive NASH Breakthrough

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) shares surged more than 268% on Monday after the company announced positive topline results for Ph3 MAESTRO-NASH trial of resmetirom in NASH.

Analysts at Oppenheimer believe this represents a transformational moment in the history of NASH drug development as a long-awaited victory for patients.

The company observed statistically significant and clinically meaningful results on both primary endpoints of NASH resolution and fibrosis improvement at 52 weeks for resmetirom vs. placebo, consistent with Oppenheimer’s previously forecasted best-case scenario.

The company is now focused on NDA filing for accelerated approval and launch strategy, while Ph3 MAESTRO-OUTCOMES trial continues to enroll.

The analysts raised their price target on the company’s shares to $250 from $170 while maintaining their Outperform rating.