JMP Securities Reaffirms “Market Outperform” Rating for Madrigal Pharmaceuticals (NASDAQ:MDGL)

Madrigal Pharmaceuticals (NASDAQ:MDGL)‘s stock had its “market outperform” rating restated by JMP Securities in a note issued to investors on Friday,Benzinga reports. They currently have a $427.00 target price on the biopharmaceutical company’s stock. JMP Securities’ price target suggests a potential upside of 29.90% from the stock’s current price.

Several other equities research analysts have also weighed in on MDGL. StockNews.com upgraded Madrigal Pharmaceuticals to a “sell” rating in a report on Saturday, October 12th. Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 20th. UBS Group boosted their price objective on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Oppenheimer cut their price target on Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Finally, HC Wainwright reissued a “buy” rating and issued a $390.00 target price on shares of Madrigal Pharmaceuticals in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $350.83.

Madrigal Pharmaceuticals Price Performance

NASDAQ:MDGL traded down $4.67 during mid-day trading on Friday, reaching $328.72. 46,643 shares of the stock were exchanged, compared to its average volume of 227,329. The business has a fifty day moving average price of $319.69 and a 200 day moving average price of $272.17. The firm has a market capitalization of $7.17 billion, a PE ratio of -13.11 and a beta of -0.36. Madrigal Pharmaceuticals has a 1-year low of $168.25 and a 1-year high of $368.29. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share for the quarter, beating the consensus estimate of ($6.94) by $2.02. The business had revenue of $62.18 million for the quarter, compared to analysts’ expectations of $34.60 million. During the same period last year, the firm earned ($5.34) EPS. Research analysts expect that Madrigal Pharmaceuticals will post -23.77 earnings per share for the current fiscal year.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Richard S. Levy sold 5,000 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $300.94, for a total transaction of $1,504,700.00. Following the completion of the sale, the director now directly owns 11,012 shares of the company’s stock, valued at approximately $3,313,951.28. This trade represents a 31.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Fred B. Craves sold 3,600 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $315.31, for a total value of $1,135,116.00. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $3,468,410. The trade was a 24.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,000 shares of company stock valued at $3,830,836. Insiders own 22.80% of the company’s stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in MDGL. Braidwell LP bought a new stake in Madrigal Pharmaceuticals during the 3rd quarter worth $39,010,000. Eagle Asset Management Inc. bought a new stake in Madrigal Pharmaceuticals during the third quarter worth $6,875,000. Intech Investment Management LLC bought a new stake in Madrigal Pharmaceuticals during the third quarter worth $1,280,000. Sofinnova Investments Inc. increased its position in Madrigal Pharmaceuticals by 133.4% in the second quarter. Sofinnova Investments Inc. now owns 44,417 shares of the biopharmaceutical company’s stock worth $12,444,000 after buying an additional 25,388 shares during the last quarter. Finally, Vestal Point Capital LP purchased a new stake in Madrigal Pharmaceuticals in the third quarter worth $6,367,000. Institutional investors 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.