Morgan Stanley analyst Michael Ulz notes that on Monday morning, Madrigal Pharmaceuticals (MDGL) announced top-line results from the Phase 3 MAESTRO-NASH study of resmetirom in NASH, a potential competitor to Akero’s (AKRO) efruxifermin, which recently demonstrated promising efficacy in the Phase 2b HARMONY study in F2/F3 NASH. While cross study comparison can be challenging, the analyst believes data indicate a favorable profile for efruxifermin, though a less favorable dosing profile. Ulz acknowledges that data for Madrigal’s resmetirom were better-than-expected and suggest greater competition, along with potential first to market advantage, but notes Akero’s efruxifermin has maintained a differentiated efficacy profile based on robust Phase 2 results. The analyst has an Equal Weight rating on Akero’s shares with a price target of $40.
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