Madrigal Pharmaceuticals' (NASDAQ: MDGL) shares are down by 27% over the past year, while the S&P 500 is up by 26%. However, this poor performance hardly reflects the progress the biotech has made. Madrigal recently earned regulatory approval for Rezdiffra, a therapy for non-alcoholic steatohepatitis (NASH). Not only was Rezdiffra Madrigal's first product on the market, but it is also the first and only approved by the U.S. Food and Drug Administration (FDA) for NASH.

With this significant milestone in its back pocket, is Madrigal Pharmaceuticals a buy?

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Source Fool.com