Madrigal Pharmaceuticals Rallies 15% on Wolfe Research 'Outperform' Rating

MDGL gained as much as 15.2% to a $294.44 intraday high after Wolfe lauded the company's breakthrough liver drug Rezdiffra, according to published reports.

The U.S. Food and Drug Administration approved Rezdiffra in March as the first treatment fornonalcoholic steatohepatitis, or NASH.

Also known as metabolic dysfunction-associated steatohepatitis, or MASH, the disease involves scarring of the liver due to excess fat cells.

The FDA said an estimated 6 million to 8 million Americans suffer from NASH-associated moderate to advanced liver scarring, with that number expected to increase over time due to such issues as obesity.