Madrigal ‘clear for approval’ after ‘outstanding’ data, says Piper

Madrigal Pharmaceuticals this morning reported that MAESTRO-NASH achieved statistical significance with strong p-values and 2-3 greater treatment effect across both co-primary endpoints with clean safety, Piper Sandler analyst Yasmeen Rahimi tells investors in a research note titled "Christmas came in early for MAESTRO-NASH." With this data, resmetirom is "clear for approval" as the first nonalcoholic steatohepatitis therapy to achieve both endpoints along with strong lipid reductions, says the analyst. She believes the "outstanding" histology efficacy may come as a surprise to many investors by hitting statistical significance on both primary endpoints. Rahimi has an Overweight rating on Madrigal with a $203 price target. The stock in premarket trading is up 213%, or $135.69, to $199.49.