Madrigal Pharmaceuticals (NASDAQ:MDGL) Reaches New 1-Year High on Analyst Upgrade

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)’s stock price hit a new 52-week high during trading on Wednesday after Citizens Jmp raised their price target on the stock from $485.00 to $527.00. Citizens Jmp currently has a market outperform rating on the stock. Madrigal Pharmaceuticals traded as high as $469.95 and last traded at $444.64, with a volume of 1249004 shares traded. The stock had previously closed at $412.35.

MDGL has been the topic of a number of other reports. JMP Securities increased their price objective on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a “market outperform” rating in a research note on Wednesday, August 20th. B. Riley increased their price target on Madrigal Pharmaceuticals from $460.00 to $560.00 and gave the stock a “buy” rating in a report on Monday, September 29th. HC Wainwright initiated coverage on shares of Madrigal Pharmaceuticals in a report on Thursday, September 4th. They set a “buy” rating and a $500.00 price objective for the company. Bank of America raised Madrigal Pharmaceuticals from an “underperform” rating to a “neutral” rating and upped their target price for the company from $266.00 to $445.00 in a report on Monday. Finally, Cantor Fitzgerald upgraded shares of Madrigal Pharmaceuticals from a “neutral” rating to an “overweight” rating in a research note on Tuesday. Thirteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $528.42.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Kenneth Bate sold 10,000 shares of the business’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $365.20, for a total transaction of $3,652,000.00. Following the completion of the transaction, the director directly owned 2,627 shares in the company, valued at $959,380.40. The trade was a 79.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rebecca Taub sold 43,263 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $355.69, for a total transaction of $15,388,216.47. Following the sale, the director owned 461,044 shares of the company’s stock, valued at approximately $163,988,740.36. The trade was a 8.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have bought 165,683 shares of company stock valued at $61,921,142 and have sold 248,642 shares valued at $91,388,103. Insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Mather Group LLC. bought a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at $33,000. Global Retirement Partners LLC increased its holdings in shares of Madrigal Pharmaceuticals by 221.7% in the third quarter. Global Retirement Partners LLC now owns 74 shares of the biopharmaceutical company’s stock worth $34,000 after buying an additional 51 shares during the period. VSM Wealth Advisory LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter valued at about $25,000. Accent Capital Management LLC bought a new position in Madrigal Pharmaceuticals during the 1st quarter worth approximately $25,000. Finally, First Horizon Corp purchased a new position in Madrigal Pharmaceuticals in the 3rd quarter worth approximately $34,000. 98.50% of the stock is currently owned by institutional investors.

Madrigal Pharmaceuticals Stock Up 2.7%

The firm has a market capitalization of $10.85 billion, a PE ratio of -38.02 and a beta of -1.04. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17. The stock has a 50 day simple moving average of $436.11 and a 200 day simple moving average of $356.34.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) EPS for the quarter, missing the consensus estimate of ($2.01) by ($3.07). The firm had revenue of $287.27 million during the quarter, compared to analysts’ expectations of $244.33 million. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%. As a group, sell-side analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

About Madrigal Pharmaceuticals

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.