Truist Financial Boosts Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target to $640.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price target boosted by equities research analysts at Truist Financial from $580.00 to $640.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Truist Financial’s price target would suggest a potential upside of 14.39% from the stock’s previous close.

A number of other analysts also recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, October 8th. Oppenheimer boosted their price target on shares of Madrigal Pharmaceuticals from $500.00 to $590.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Bank of America upgraded shares of Madrigal Pharmaceuticals from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $266.00 to $445.00 in a report on Monday, November 3rd. Citizens Jmp raised their price objective on shares of Madrigal Pharmaceuticals from $485.00 to $527.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 5th. Finally, Cowen reiterated a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 26th. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $544.17.

Madrigal Pharmaceuticals Trading Up 0.1%

NASDAQ:MDGL traded up $0.51 during trading hours on Wednesday, hitting $559.50. The company had a trading volume of 101,068 shares, compared to its average volume of 371,958. 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 company has a 50-day moving average of $450.08 and a 200 day moving average of $368.47. Madrigal Pharmaceuticals has a 1 year low of $265.00 and a 1 year high of $577.90. The company has a market cap of $12.71 billion, a P/E ratio of -43.54 and a beta of -1.04.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($3.07). Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. Sell-side analysts expect that Madrigal Pharmaceuticals will post -23.47 earnings per share for the current year.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 7,279 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $445.63, for a total value of $3,243,740.77. Following the transaction, the chief executive officer directly owned 102,474 shares in the company, valued at $45,665,488.62. This represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kenneth Bate sold 16,575 shares of the business’s 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 sale, the director owned 2,627 shares of the company’s stock, valued at $1,272,256.10. This represents a 86.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 39,970 shares of company stock valued at $18,746,944 in the last ninety days. Insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Coldstream Capital Management Inc. acquired a new position in Madrigal Pharmaceuticals in the third quarter valued at $235,000. Kozak & Associates Inc. lifted its holdings in shares of Madrigal Pharmaceuticals by 30.9% in the 3rd quarter. Kozak & Associates Inc. now owns 424 shares of the biopharmaceutical company’s stock valued at $194,000 after purchasing an additional 100 shares during the last quarter. Integrated Investment Consultants LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at about $260,000. Abel Hall LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at about $271,000. Finally, Castleark Management LLC acquired a new position in Madrigal Pharmaceuticals during the third quarter worth approximately $4,553,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.