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Source: ShutterstockMadrigal 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 FD for the commercial use of the treatment
These results come from its MAESTRO-NASH clinical trial. That’s a 52-week study of serial liver biopsy in 966 patients. These patients were split into three groups. One-third was given 80mg doses of resmetirom, another was given a 100mg dose of resmetirom, and the final group was placebo.
Starting with the 80mg group, the results showed NASH resolution of 26%. Moving on to the 100mg 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 that 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.
Investors seeking more of the latest stock market news are in luck!
InvestorPlace has all of the hottest stock market news traders need to know about on Monday! That includes the biggest pre-market stock movers this morning, as well as the latest on Trump NFTs and Goldman Sachs (NYSE:GS) stock. You can find out more on these matters at the links below!
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On the date of publication, William White did not have (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.
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