The story behind MDGL yesterday. It was expected
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Posted On: 03/15/2024 3:14:02 PM
The story behind MDGL yesterday. It was expected that they would get approval yesterday. Most thought after hours, but some speculated a trading halt during the day. AASLD posted a congratulatory letter of sorts declaring that MDGL had gotten approval for their MASH drug in the morning but there had been no announcement from the company or the FDA. AASLD then retracted the approval statement on their website. That caused great confusion in the market, and people began to not only speculate but to sell. Was a bloodbath.
Then the company announces they had received approval from the FDA at around 3:45 PM and at 4 PM after hours there was a trading halt. Trading was allowed to resume at 4:45 PM after hours and the after hours trading had it hovering right at $300 or just over 20% increase.
It began today up above 20% but people have been taking profits all day. There is no biopsy requirement which was a big question before approval. The drug will be available in April for a small population of patients. Target patient population is about 300,000. Pricing at $47,000 per patient. Let’s see what their commercial team can do. Very interested in seeing Q2 results. Market will be crowded but they get a head start with a narrow label.
Then the company announces they had received approval from the FDA at around 3:45 PM and at 4 PM after hours there was a trading halt. Trading was allowed to resume at 4:45 PM after hours and the after hours trading had it hovering right at $300 or just over 20% increase.
It began today up above 20% but people have been taking profits all day. There is no biopsy requirement which was a big question before approval. The drug will be available in April for a small population of patients. Target patient population is about 300,000. Pricing at $47,000 per patient. Let’s see what their commercial team can do. Very interested in seeing Q2 results. Market will be crowded but they get a head start with a narrow label.
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