5 Best Performing NASDAQ Stocks in 2022

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

Number of Hedge Fund Holders: 23

YTD Share Price Gain as of December 27: 203.55%

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. On December 19, Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) stock climbed after releasing late-stage results on resmetirom for nonalcoholic steatohepatitis (NASH) and liver fibrosis. In response to the data, Goldman Sachs raised its probability of success for resmetirom to 90% from 75% and lifted its price target to $375 from $178. Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) is one of the performing stocks in 2022. 

On December 20, Cowen analyst Ritu Baral raised the price target on Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) to $309 from $129 and maintained an Outperform rating on the shares. The analyst said its data strongly supports US/EU approval for resmetirom in F2/F3 NASH and a $2 billion market opportunity. He noted the company is guiding to an NDA submission in the first half of 2023.

According to Insider Monkey’s data, 23 hedge funds were bullish on Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) at the end of Q3 2022, compared to 18 funds in the prior quarter. 

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