Analysts Believe Madrigal's Resmetirom Shows Impressive Overall Profile In Liver Fibrosis

Analysts Believe Madrigal's Resmetirom Shows Impressive Overall Profile In Liver Fibrosis
  • Madrigal Pharmaceuticals Inc MDGL presented multiple resmetirom abstracts at the European Association for the Study of the Liver's International Liver Congress.
  • The data included new details on changes in FibroScan controlled attenuation parameter and liver stiffness measurement along with magnetic resonance elastography, which serves as critical non-invasive measures of liver stiffness and fibrosis. 
  • Consistent with the previous top-line data, the most frequently reported adverse events were diarrhea and nausea, with no increase in the incidence of GI-related adverse events noted after the first 12 weeks of resmetirom treatment.
  • Related: Madrigal Pharma's Kidney Disease Candidate Improves Liver, Cardiovascular Health.
  • SVB Leerink views the presentations as incrementally de-risking for the program. 
  • In a separate presentation, Madrigal also highlighted new results from a cohort of 105 NASH patients with compensated cirrhosis treated with resmetirom in an open-label portion of MAESTRO NAFLD-1.
  • Resmetirom showed encouraging signals of efficacy. 
  • SVB says that despite the limitations of this study, it views these results as encouraging regarding resmetirom's ability to impact a broad range of non-invasive measures positively.
  • Ultimately, it views the histology results expected in 4Q from the MAESTRO-NASH study as an essential value-inflecting data catalyst for Madrigal shares. 
  • JMP says that the key catalyst for MDGL shares, and the NASH field, remains the biopsy data from the Phase 3 MAESTRO-NASH study, which is on track for 4Q22.
  • The analyst keeps the Market Outperform rating and the price target of $170.00.
  • Price Action: MDGL shares are down 9.24% at $74.74 during the market session on the last check Monday.

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