Brokerages Set Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) PT at $687.93

Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) have received an average rating of “Moderate Buy” from the eighteen analysts that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, thirteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $687.9286.

MDGL has been the topic of several recent analyst reports. Evercore set a $649.00 target price on shares of Madrigal Pharmaceuticals in a research note on Thursday, May 7th. Wells Fargo & Company upgraded shares of Madrigal Pharmaceuticals to an “overweight” rating in a research report on Monday, June 1st. HC Wainwright reissued a “buy” rating and set a $620.00 price target on shares of Madrigal Pharmaceuticals in a report on Wednesday, May 6th. Citigroup reissued a “market outperform” rating on shares of Madrigal Pharmaceuticals in a report on Monday, June 1st. Finally, Truist Financial boosted their price target on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th.

Insider Buying and Selling

In related news, insider David Soergel sold 1,042 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $495.74, for a total transaction of $516,561.08. Following the sale, the insider directly owned 10,033 shares in the company, valued at $4,973,759.42. This represents a 9.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $515.44, for a total value of $2,928,730.08. Following the sale, the director directly owned 22,015 shares of the company’s stock, valued at $11,347,411.60. This represents a 20.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,568 shares of company stock valued at $3,880,711 in the last quarter. 17.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Eastern Bank boosted its stake in Madrigal Pharmaceuticals by 32.3% during the 4th quarter. Eastern Bank now owns 86 shares of the biopharmaceutical company’s stock worth $50,000 after acquiring an additional 21 shares during the last quarter. Centaurus Financial Inc. increased its stake in Madrigal Pharmaceuticals by 5.0% in the third quarter. Centaurus Financial Inc. now owns 709 shares of the biopharmaceutical company’s stock valued at $325,000 after purchasing an additional 34 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in Madrigal Pharmaceuticals by 34.6% in the fourth quarter. Farther Finance Advisors LLC now owns 140 shares of the biopharmaceutical company’s stock worth $82,000 after purchasing an additional 36 shares during the period. Accent Capital Management LLC boosted its position in shares of Madrigal Pharmaceuticals by 64.9% during the fourth quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company’s stock worth $55,000 after purchasing an additional 37 shares in the last quarter. Finally, Swiss Life Asset Management Ltd boosted its position in shares of Madrigal Pharmaceuticals by 6.8% during the fourth quarter. Swiss Life Asset Management Ltd now owns 690 shares of the biopharmaceutical company’s stock worth $402,000 after purchasing an additional 44 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

Madrigal Pharmaceuticals stock opened at $536.86 on Friday. The business has a 50 day simple moving average of $512.44 and a 200 day simple moving average of $502.26. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.50 and a quick ratio of 3.16. The company has a market capitalization of $12.38 billion, a PE ratio of -41.94 and a beta of -1.05. Madrigal Pharmaceuticals has a one year low of $286.44 and a one year high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 27.32%.The firm had revenue of $311.34 million for the quarter, compared to analysts’ expectations of $301.05 million. During the same period in the prior year, the business posted ($3.32) earnings per share. The business’s revenue was up 126.8% compared to the same quarter last year. On average, sell-side analysts forecast that Madrigal Pharmaceuticals will post -7.3 EPS for the current fiscal year.

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.