MDGL · Madrigal Pharmaceuticals
Madrigal Pharmaceuticals and its December 2022 Phase 3 NASH result
2022 · +222% in the calendar year
For scale: buying every US stock breakout from 2018 to 2026 with no selection returned a median −22.6% a year later, measured on the 14,674 with a full twelve months of data. How it was measured
Madrigal Pharmaceuticals had no revenue and one drug candidate, resmetirom, for NASH, a fatty-liver disease that then had no approved treatment. Its pivotal test was MAESTRO-NASH, a Phase 3 trial judged on liver biopsies after 52 weeks. The stock closed at $63.80 on Friday 16 December 2022. Before the open on Monday 19 December, Madrigal reported that both primary endpoints were met. NASH resolved without worsening of fibrosis in 26% and 30% of patients on the two doses, against 10% on placebo, and fibrosis improved by at least one stage in 24% and 26%, against 14%.
FierceBiotech reported the shares up more than 200% in early trading that day. The stock's return was +222% in calendar 2022. In September 2023 the FDA accepted Madrigal's application for resmetirom under priority review, with a target decision date of 14 March 2024. On 29 September 2023, with the shares well below their highs, Madrigal announced a $500 million public offering.
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Sources: Madrigal, MAESTRO-NASH topline release, 19 Dec 2022 · FierceBiotech, 19 Dec 2022 · Madrigal, NDA acceptance release, Sep 2023 · BioSpace, Madrigal $500M offering. Price figures are split-adjusted, not dividend-adjusted.
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