Madrigal Pharmaceuticals Phase 3 data ‘encouraging,’ says UBS

Madrigal Pharmaceuticals (MDGL) reported Q4 results and provided a 2-year update from the open-label metabolic dysfunction-associated steatohepatitis compensated F4 arm of the Phase 3 MAESTRO-NAFLD-1 trial, which showed baseline vibration-controlled transient elastography/liver stiffness of 25 kPa, 1-year reduction of 6.1 kPa, and 2-year reduction of 6.7 kPa, which was statistically significant, UBS analyst Eliana Merle tells investors in a research note. UBS says the data is “encouraging” and thinks the company sounds “upbeat” in terms of commercial trajectory, expanding the depth of prescribers. The firm has a Buy rating and $441 price target on the shares.