Madrigal Pharmaceuticals (NASDAQ:MDGL) stock is rocketing higher on Monday after sharing results from its novel therapeutics for nonalcoholic steatohepatitis (NASH) treatment.
The company reported positive topline results, including both liver histological improvement endpoints, proposed by the U.S. Food and Drug Administration (FDA). This will help the company with getting approval from the FDA for the commercial use of the treatment
These results come from its MAESTRO-NASH clinical trial. That’s a 52-week serial liver biopsy study in 950 patients. These patients were split into three groups. One group was given 80 milligram doses of resmetirom, another group was given 100 mg doses of resmetirom and the final group was given a placebo.
Starting with the 80 mg group, the results showed NASH resolution of 26%. Moving on to the 100 mg group, NASH reduction came in at 30%. Finally, the placebo group saw a NASH reduction of 10%.
Building on this, Madrigal Pharmaceuticals also saw the clinical trial meet several of its secondary endpoints. Also, the safety results from the study were positive. The frequency of serious adverse events was similar across all three groups.
Holders of MDGL Stock React Positively to the News
With this news comes heavy trading of MDGL stock as investors buy up the company’s shares. As of this writing, more than 2 million shares of the stock have changed hands. That’s a massive surge in trading volume compared to the daily average of 313,000 shares.
MDGL stock is up 216.2% as of Monday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.