Some events are so pivotal for a company that they cause everything to change. The company's world instantly becomes brighter -- or darker.

Madrigal Pharmaceuticals (NASDAQ: MDGL) just experienced such an event. Last Thursday, the company won U.S. Food and Drug (FDA) approval for the first drug targeting the multibillion-dollar market for nonalcoholic steatohepatitis (NASH). Is Madrigal stock now a screaming buy?

Investors have known for months that an FDA approval decision was coming on Madrigal's resmetirom as a treatment for NASH. In September, the agency set a PDUFA date for March 14. Madrigal was optimistic it would win approval, gearing up for an anticipated commercial launch.

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Source Fool.com