Why Madrigal Pharmaceuticals Stock Is Crushing It Today
Shares of Madrigal Pharmaceuticals (NASDAQ: MDGL) had skyrocketed by 243.7% as of 11:11 a.m. ET on Monday. The huge gain came after the company announced positive results from a phase 3 clinical study evaluating its experimental drug resmetirom as a treatment for nonalcoholic steatohepatitis (NASH), a potentially fatal liver disease.
When a biotech stock more than triples after the company reports clinical trial data, "positive" probably isn't the strongest word to use to describe the results. That's certainly the case with Madrigal's late-stage study results for resmetirom.
The thyroid hormone receptor agonist achieved both primary endpoints of the pivotal study. Of the 316 patients receiving 80 mg doses of resmetirom, 26% had NASH resolution with no worsening of fibrosis, and 24% achieved fibrosis improvement by at least one stage with no worsening of the nonalcoholic fatty liver disease activity score (NAS).
Source Fool.com
