Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) have earned an average recommendation of “Moderate Buy” from the fifteen research firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $624.0833.

Several research firms have weighed in on MDGL. TD Cowen boosted their price target on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the stock a “buy” rating in a research report on Tuesday, August 26th. Canaccord Genuity Group raised their target price on shares of Madrigal Pharmaceuticals from $526.00 to $587.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Citizens Jmp upped their price target on shares of Madrigal Pharmaceuticals from $485.00 to $527.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 5th. JMP Securities set a $527.00 price target on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 5th. Finally, Cantor Fitzgerald upgraded shares of Madrigal Pharmaceuticals from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 4th.

Insider Activity

In other Madrigal Pharmaceuticals news, Director Kenneth Bate sold 16,575 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $484.30, for a total value of $8,027,272.50. Following the sale, the director owned 2,627 shares in the company, valued at $1,272,256.10. This represents a 86.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard S. Levy sold 8,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $520.96, for a total value of $4,428,160.00. Following the completion of the sale, the director directly owned 21,197 shares of the company’s stock, valued at approximately $11,042,789.12. The trade was a 28.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 77,056 shares of company stock valued at $41,324,312. 21.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP raised its position in shares of Madrigal Pharmaceuticals by 5,381.2% in the third quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock valued at $185,507,000 after purchasing an additional 397,076 shares during the period. Adage Capital Partners GP L.L.C. grew its stake in Madrigal Pharmaceuticals by 96.3% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 376,163 shares of the biopharmaceutical company’s stock valued at $113,842,000 after buying an additional 184,554 shares during the last quarter. Norges Bank bought a new position in Madrigal Pharmaceuticals in the 2nd quarter valued at about $53,406,000. Baker BROS. Advisors LP raised its holdings in Madrigal Pharmaceuticals by 8.4% in the 3rd quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock valued at $982,313,000 after acquiring an additional 165,683 shares during the period. Finally, Alkeon Capital Management LLC acquired a new stake in Madrigal Pharmaceuticals during the third quarter worth approximately $55,039,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Trading Up 2.0%

Shares of NASDAQ:MDGL opened at $602.83 on Tuesday. The company’s 50-day moving average price is $515.75 and its two-hundred day moving average price is $417.15. Madrigal Pharmaceuticals has a one year low of $265.00 and a one year high of $609.98. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.44 and a quick ratio of 3.26. The stock has a market capitalization of $13.69 billion, a PE ratio of -46.34 and a beta of -1.04.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($3.07). Madrigal Pharmaceuticals had a negative net margin of 39.04% and a negative return on equity of 41.50%. On average, equities analysts forecast that Madrigal Pharmaceuticals will post -23.47 EPS for the current fiscal year.

Madrigal Pharmaceuticals Company Profile

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company’s pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-β agonist in Phase 3 development for the treatment of NASH.