5 Best Performing Biotech Stocks in 2022

4. Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Number of Hedge Fund Holders: 23

YTD Share Price Gain as of December 28: 189.41%

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) is a Pennsylvania-based clinical-stage biopharmaceutical company focused on the development and commercialization of therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. The shares climbed nearly 190% year-to-date as of December 28, which merits Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)’s inclusion in our list of the best performing biotech stocks in 2022. 

On December 20, Canaccord analyst Edward Nash raised the price target on Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) to $270 from $151 and maintained a Buy rating on the shares. The analyst lifted his target based on the positive data reported from the pivotal trial of resmetirom in NASH. He updated his model and increased his target as Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) stated that it is on track to file an NDA with the FDA as early in the first half of 2023 as possible.

According to Insider Monkey’s Q3 data, 23 hedge funds were long Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), compared to 18 funds in the last quarter. 

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