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.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.68) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.11. sell-side analysts forecast that Madrigal Pharmaceuticals will post -2.57 earnings per share for the current year.

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.

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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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