Madrigal Pharmaceuticals Inc. (ticker: MDGL) has seen a strong positive momentum in its stock price, reaching near all-time highs around $385 to $400 per share, representing approximately a 450% return since 2022. This surge follows the company's recent European Union approval for its first MASH (Metabolic dysfunction-associated steatohepatitis) treatment, Rezdiffra, marking Madrigal's entry into the EU market. Despite bearish sentiment and concerns over competition, exclusivity, and potential buyouts expressed in prior weeks, Madrigal's blockbuster drug addresses a total addressable market (TAM) estimated to be over $30 billion. Investors, including notable firms like Baker Brothers, have increased their holdings in the $360-$380 range, anticipating further growth with price targets between $500 and $550. The company has transitioned from a developmental stage biotech to a commercial-stage entity with rapid success. Comparisons were made with Viking Therapeutics (VKTX), another biotech focused on obesity treatments, with some debate over clinical data quality, but both companies are viewed as holding potential in their respective markets.