HC Wainwright Raises Madrigal Pharmaceuticals (MDGL) Price Target to $105.00
Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price objective hoisted by analysts at HC Wainwright from $54.00 to $105.00 in a research note issued to investors on Wednesday. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s target price would suggest a potential upside of 126.78% from the company’s previous close.
Several other equities research analysts have also recently issued reports on the stock. Roth Capital started coverage on shares of Madrigal Pharmaceuticals in a research note on Thursday, October 19th. They set a “buy” rating and a $62.00 target price on the stock. Evercore ISI started coverage on shares of Madrigal Pharmaceuticals in a research report on Friday, September 22nd. They set an “outperform” rating and a $65.00 price target on the stock. Finally, JMP Securities boosted their price target on shares of Madrigal Pharmaceuticals from $40.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, October 13th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $66.00.
Shares of Madrigal Pharmaceuticals (NASDAQ MDGL) traded down $1.68 on Wednesday, reaching $46.30. 86,700 shares of the company’s stock traded hands, compared to its average volume of 44,074. Madrigal Pharmaceuticals has a 52 week low of $13.09 and a 52 week high of $53.00.
Several hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC boosted its position in shares of Madrigal Pharmaceuticals by 0.7% during the 1st quarter. Renaissance Technologies LLC now owns 57,875 shares of the biopharmaceutical company’s stock valued at $891,000 after acquiring an additional 400 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Madrigal Pharmaceuticals by 17.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 12,945 shares of the biopharmaceutical company’s stock valued at $582,000 after acquiring an additional 1,963 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at about $100,000. New York State Common Retirement Fund acquired a new position in shares of Madrigal Pharmaceuticals during the 2nd quarter valued at about $109,000. Finally, JPMorgan Chase & Co. acquired a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at about $325,000. 21.40% of the stock is currently owned by hedge funds and other institutional investors.
About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc, formerly Synta Pharmaceuticals Corp., is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular-metabolic diseases and nonalcoholic steatohepatitis (NASH). The Company’s lead product, MGL-3196, is a Phase II-ready once-daily, oral, liver-directed selective thyroid hormone receptor-b (THR-b) agonist for the treatment of NASH, and heterozygous and homozygous familial hypercholesterolemia (FH).
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