Evercore ISI analyst Liisa Bayko notes that Akero Therapeutics’ (AKRO) stock is trading up over 100% after the company released “impressive” data in patients with compensated cirrhosis due to metabolic dysfunction-associated steatohepatitis, adding that Madrigal Pharmaceuticals (MDGL) shares are trading down about 5% on the news. However, the firm sees this dip in the latter’s stock price as “a buying opportunity” given that today’s data from Akero’s SYMMETRY study shows that cirrhosis can be reversed and implies that others, including Madrigal’s Rezdiffra, “may also have a shot.” The firm believes there are 1.5M diagnosed MASH patients in the U.S. alone, about 10%-15% of which are compensated cirrhotic, and with different target product profiles, Evercore thinks “there is plenty of room for multiple treatment options to suit different needs.” The firm has an Outperform rating and $392 price target on Madrigal shares.
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