Madrigal Pharmaceuticals (NASDAQ:MDGL) Stock Passes Above 200-Day Moving Average – What’s Next?

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $430.20 and traded as high as $590.00. Madrigal Pharmaceuticals shares last traded at $583.73, with a volume of 139,211 shares trading hands.

Analyst Upgrades and Downgrades

MDGL has been the subject of several recent research reports. Oppenheimer lifted their price objective on Madrigal Pharmaceuticals from $600.00 to $650.00 and gave the company an “outperform” rating in a research note on Thursday, November 20th. Citizens Jmp raised their target price on shares of Madrigal Pharmaceuticals from $485.00 to $527.00 and gave the company a “market outperform” rating in a report on Wednesday, November 5th. HC Wainwright lifted their price target on shares of Madrigal Pharmaceuticals from $568.00 to $620.00 and gave the stock a “buy” rating in a research note on Friday, November 21st. Piper Sandler boosted their price target on shares of Madrigal Pharmaceuticals from $540.00 to $900.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. Finally, Truist Financial increased their price objective on shares of Madrigal Pharmaceuticals from $580.00 to $640.00 and gave the company a “buy” rating in a research report on Wednesday, November 19th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $624.08.

Madrigal Pharmaceuticals Trading Down 1.0%

The company has a market cap of $13.26 billion, a price-to-earnings ratio of -44.87 and a beta of -1.04. The company has a quick ratio of 3.26, a current ratio of 3.44 and a debt-to-equity ratio of 0.54. The business’s fifty day simple moving average is $534.95 and its two-hundred day simple moving average is $430.20.

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

Insider Activity

In other Madrigal Pharmaceuticals news, Director Kenneth Bate sold 16,575 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $484.30, for a total transaction of $8,027,272.50. Following the transaction, the director owned 2,627 shares of the company’s stock, valued at $1,272,256.10. The trade was a 86.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Mardi Dier sold 4,173 shares of the business’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $578.34, for a total value of $2,413,412.82. Following the completion of the sale, the chief financial officer owned 10,440 shares of the company’s stock, valued at approximately $6,037,869.60. This represents a 28.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 77,056 shares of company stock worth $41,324,312 over the last ninety days. 21.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Several hedge funds have recently made changes to their positions in MDGL. Baker BROS. Advisors LP lifted its position in Madrigal Pharmaceuticals by 8.4% during the 3rd quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock worth $982,313,000 after acquiring an additional 165,683 shares during the period. William Blair Investment Management LLC raised its stake in shares of Madrigal Pharmaceuticals by 17.6% during the third quarter. William Blair Investment Management LLC now owns 411,802 shares of the biopharmaceutical company’s stock worth $188,877,000 after purchasing an additional 61,513 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Madrigal Pharmaceuticals by 5,381.2% during the third quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock worth $185,507,000 after purchasing an additional 397,076 shares during the period. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Madrigal Pharmaceuticals by 96.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 376,163 shares of the biopharmaceutical company’s stock worth $113,842,000 after purchasing an additional 184,554 shares during the period. Finally, Woodline Partners LP grew its position in Madrigal Pharmaceuticals by 2.7% in the 1st quarter. Woodline Partners LP now owns 317,433 shares of the biopharmaceutical company’s stock valued at $105,143,000 after buying an additional 8,316 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

About Madrigal Pharmaceuticals

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.