Leerink Partnrs Brokers Reduce Earnings Estimates for Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) – Equities research analysts at Leerink Partnrs dropped their Q2 2024 earnings per share (EPS) estimates for shares of Madrigal Pharmaceuticals in a research note issued on Tuesday, May 7th. Leerink Partnrs analyst T. Smith now expects that the biopharmaceutical company will post earnings of ($7.48) per share for the quarter, down from their prior estimate of ($5.83). The consensus estimate for Madrigal Pharmaceuticals’ current full-year earnings is ($21.86) per share. Leerink Partnrs also issued estimates for Madrigal Pharmaceuticals’ Q3 2024 earnings at ($7.02) EPS, Q4 2024 earnings at ($6.43) EPS, FY2024 earnings at ($28.29) EPS, FY2025 earnings at ($16.78) EPS, FY2026 earnings at $1.96 EPS, FY2027 earnings at $22.45 EPS and FY2028 earnings at $38.06 EPS.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($7.38) EPS for the quarter, missing the consensus estimate of ($6.06) by ($1.32). During the same period last year, the firm posted ($4.23) earnings per share.

Other research analysts have also recently issued reports about the stock. TD Cowen increased their price target on shares of Madrigal Pharmaceuticals from $349.00 to $390.00 and gave the company an “outperform” rating in a research report on Friday, March 15th. HC Wainwright lowered their price target on shares of Madrigal Pharmaceuticals from $425.00 to $390.00 and set a “buy” rating for the company in a research note on Wednesday. JMP Securities decreased their price objective on Madrigal Pharmaceuticals from $397.00 to $381.00 and set a “market outperform” rating on the stock in a report on Wednesday. Citigroup dropped their target price on Madrigal Pharmaceuticals from $389.00 to $382.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Bank of America initiated coverage on Madrigal Pharmaceuticals in a research note on Monday, April 22nd. They issued an “underperform” rating and a $150.00 price target on the stock. Two analysts have rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Madrigal Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $345.09.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ:MDGL opened at $205.25 on Friday. The company’s fifty day moving average price is $238.18 and its 200-day moving average price is $217.50. The company has a debt-to-equity ratio of 0.28, a current ratio of 5.38 and a quick ratio of 5.38. The firm has a market capitalization of $4.37 billion, a price-to-earnings ratio of -10.29 and a beta of -0.33. Madrigal Pharmaceuticals has a one year low of $119.76 and a one year high of $302.68.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Madrigal Pharmaceuticals by 6.0% during the first quarter. Vanguard Group Inc. now owns 1,668,806 shares of the biopharmaceutical company’s stock valued at $445,638,000 after purchasing an additional 94,064 shares during the last quarter. Lord Abbett & CO. LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter valued at about $25,931,000. ProShare Advisors LLC raised its position in shares of Madrigal Pharmaceuticals by 9.2% in the 1st quarter. ProShare Advisors LLC now owns 4,054 shares of the biopharmaceutical company’s stock worth $1,083,000 after acquiring an additional 343 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in Madrigal Pharmaceuticals during the first quarter valued at approximately $1,466,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Madrigal Pharmaceuticals in the first quarter worth about $584,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 transaction, the director now owns 10,298 shares in the company, valued at $2,651,529.04. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Madrigal Pharmaceuticals news, Director Richard S. Levy sold 11,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $257.48, for a total transaction of $2,832,280.00. Following the completion of the sale, the director now directly owns 10,298 shares in the company, valued at approximately $2,651,529.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul A. Friedman sold 26,270 shares of Madrigal Pharmaceuticals stock in a transaction on Monday, April 8th. The shares were sold at an average price of $246.19, for a total value of $6,467,411.30. Following the transaction, the director now owns 185,735 shares in the company, valued at $45,726,099.65. The disclosure for this sale can be found here. Insiders sold a total of 146,496 shares of company stock worth $31,362,420 in the last quarter. 23.92% of the stock is owned by company insiders.

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.