Madrigal Threatens Intercept's Lead in Fatty Liver Disease
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Madrigal Pharmaceuticals Inc. more than doubled after a study of its new drug for a disease linked to obesity exceeded investor expectations.
The Fort Washington, Pennsylvania-based company soared a record 120 percent at 10:50 a.m. in New York, adding almost $2 billion to its market value. The results from a mid-stage study of the fatty liver disease known as nonalcoholic steatohepatitis, or NASH, also pushed small-cap peer Viking Therapeutics Inc. higher while shares of Intercept Pharmaceuticals Inc., a drugmaker further along in NASH development, slid.