Madrigal Pharmaceuticals (NASDAQ:MDGL) Coverage Initiated by Analysts at Bank of America

Bank of America initiated coverage on shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) in a research note released on Monday, Marketbeat.com reports. The brokerage issued an underperform rating and a $150.00 price target on the biopharmaceutical company’s stock.

A number of other equities research analysts have also weighed in on the stock. Evercore ISI boosted their target price on shares of Madrigal Pharmaceuticals from $325.00 to $405.00 and gave the stock an outperform rating in a report on Wednesday, March 20th. Piper Sandler reissued an overweight rating and set a $336.00 target price on shares of Madrigal Pharmaceuticals in a report on Thursday, March 14th. HC Wainwright boosted their target price on shares of Madrigal Pharmaceuticals from $405.00 to $425.00 and gave the stock a buy rating in a report on Friday, March 15th. Canaccord Genuity Group boosted their target price on shares of Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the stock a buy rating in a report on Friday, March 15th. Finally, TD Cowen upped their price objective on shares of Madrigal Pharmaceuticals from $349.00 to $390.00 and gave the company an outperform rating in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Madrigal Pharmaceuticals presently has a consensus rating of Moderate Buy and a consensus price target of $356.73.

Madrigal Pharmaceuticals Trading Up 0.7 %

Shares of Madrigal Pharmaceuticals stock opened at $213.49 on Monday. The firm has a market capitalization of $4.25 billion, a PE ratio of -10.71 and a beta of -0.47. 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 firm’s 50 day moving average is $244.63 and its 200 day moving average is $211.44. Madrigal Pharmaceuticals has a 1 year low of $119.76 and a 1 year high of $322.67.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.26) by ($0.42). During the same quarter in the prior year, the company earned ($4.98) EPS. Equities research analysts forecast that Madrigal Pharmaceuticals will post -21.48 earnings per share for the current fiscal year.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Richard S. Levy sold 11,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $257.48, for a total transaction of $2,832,280.00. Following the transaction, the director now owns 10,298 shares in the company, valued at approximately $2,651,529.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CMO Rebecca Taub sold 27,845 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $245.14, for a total transaction of $6,825,923.30. Following the transaction, the chief marketing officer now owns 458,999 shares in the company, valued at approximately $112,519,014.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard S. Levy sold 11,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $257.48, for a total transaction of $2,832,280.00. Following the transaction, 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. Insiders have sold 146,496 shares of company stock worth $31,362,420 in the last quarter. Company insiders own 23.92% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Avoro Capital Advisors LLC raised its holdings in Madrigal Pharmaceuticals by 21.5% during the fourth quarter. Avoro Capital Advisors LLC now owns 1,888,888 shares of the biopharmaceutical company’s stock worth $437,051,000 after buying an additional 333,888 shares during the last quarter. Vanguard Group Inc. raised its holdings in Madrigal Pharmaceuticals by 7.4% during the third quarter. Vanguard Group Inc. now owns 1,573,338 shares of the biopharmaceutical company’s stock worth $229,770,000 after buying an additional 107,816 shares during the last quarter. Paulson & CO. Inc. raised its holdings in Madrigal Pharmaceuticals by 121.1% during the fourth quarter. Paulson & CO. Inc. now owns 1,105,741 shares of the biopharmaceutical company’s stock worth $255,846,000 after buying an additional 605,741 shares during the last quarter. RTW Investments LP raised its holdings in Madrigal Pharmaceuticals by 163.4% during the fourth quarter. RTW Investments LP now owns 815,191 shares of the biopharmaceutical company’s stock worth $188,619,000 after buying an additional 505,706 shares during the last quarter. Finally, FMR LLC raised its holdings in Madrigal Pharmaceuticals by 26.2% during the third quarter. FMR LLC now owns 440,380 shares of the biopharmaceutical company’s stock worth $64,313,000 after buying an additional 91,337 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Company Profile

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.