Wednesday's ADP report showed private hiring slowed in May, adding to investor hopes that a weakening labor market could spur rate cuts from the central bank.
Shares of Madrigal Pharmaceuticals and others developing treatments for a serious liver condition tumbled on Wednesday after Eli Lilly shared preliminary abstract data illustrating how effective tirzepatide can be for this group. Madrigal shares fell more than 7% on Wednesday.
However, Piper Sandler analyst Yasmeen Rahimi reiterated an overweight rating on the stock, emphasizing that Madrigal is the only company with Food and Drug Administration approval to treat the disorder, metabolic dysfunction-associated steatohepatitis, or MASH. The disease, which was previously called nonalcoholic steatohepatitis, or NASH, is characterized by a build-up of fatty deposits in the liver. Shares of rival 89bio were recently down more than 2%, off its lows for the day.
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