JMP Securities Lowers Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target to $381.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price target cut by equities researchers at JMP Securities from $397.00 to $381.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “market outperform” rating on the biopharmaceutical company’s stock. JMP Securities’ price target would indicate a potential upside of 84.13% from the company’s current price.

A number of other equities research analysts also recently issued reports on the company. Piper Sandler reissued an “overweight” rating and set a $336.00 price target on shares of Madrigal Pharmaceuticals in a research report on Thursday, March 14th. Evercore ISI upped their target price on Madrigal Pharmaceuticals from $325.00 to $405.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 20th. UBS Group upped their target price on Madrigal Pharmaceuticals from $337.00 to $410.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Citigroup upped their target price on Madrigal Pharmaceuticals from $382.00 to $389.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, Bank of America initiated coverage on Madrigal Pharmaceuticals in a research report on Monday, April 22nd. They issued an “underperform” rating and a $150.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $351.45.

Madrigal Pharmaceuticals Price Performance

MDGL stock opened at $206.92 on Wednesday. The stock has a 50-day moving average price of $239.11 and a two-hundred day moving average price of $216.95. Madrigal Pharmaceuticals has a 12-month low of $119.76 and a 12-month high of $302.68. The company has a current ratio of 5.38, a quick ratio of 5.38 and a debt-to-equity ratio of 0.28. The company has a market cap of $4.40 billion, a PE ratio of -10.38 and a beta of -0.33.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($7.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($6.06) by ($1.32). During the same quarter in the previous year, the firm earned ($4.23) earnings per share. As a group, research analysts predict that Madrigal Pharmaceuticals will post -21.86 EPS for the current year.

Insider Buying and Selling

In related news, CMO Rebecca Taub sold 2,676 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $245.99, for a total value of $658,269.24. Following the transaction, the chief marketing officer now owns 458,999 shares in the company, valued at $112,909,164.01. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Madrigal Pharmaceuticals news, CMO Rebecca Taub sold 2,676 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $245.99, for a total transaction of $658,269.24. Following the sale, the chief marketing officer now owns 458,999 shares in the company, valued at $112,909,164.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard S. Levy sold 11,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $257.48, for a total value of $2,832,280.00. Following the sale, the director now owns 10,298 shares in the company, valued at approximately $2,651,529.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 146,496 shares of company stock worth $31,362,420. 23.92% of the stock is currently owned by corporate insiders.

Institutional Trading of Madrigal Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the company. Lord Abbett & CO. LLC acquired a new stake in Madrigal Pharmaceuticals during the first quarter valued at approximately $25,931,000. ProShare Advisors LLC raised its position in shares of Madrigal Pharmaceuticals by 9.2% during the 1st quarter. ProShare Advisors LLC now owns 4,054 shares of the biopharmaceutical company’s stock worth $1,083,000 after purchasing an additional 343 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter worth approximately $1,466,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter worth approximately $584,000. Finally, Swiss National Bank raised its position in shares of Madrigal Pharmaceuticals by 9.3% during the 1st quarter. Swiss National Bank now owns 23,400 shares of the biopharmaceutical company’s stock worth $6,249,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.