Madrigal Pharmaceuticals (NASDAQ:MDGL) Upgraded at Wolfe Research

Wolfe Research upgraded shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) from a peer perform rating to an outperform rating in a research note published on Tuesday, Marketbeat Ratings reports. They currently have $605.00 target price on the biopharmaceutical company’s stock.

A number of other equities research analysts have also recently commented on the company. Wells Fargo & Company initiated coverage on Madrigal Pharmaceuticals in a research note on Monday, July 27th. They issued an “overweight” rating and a $685.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 17th. Citigroup restated an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. Piper Sandler reaffirmed an “overweight” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, June 24th. Finally, Canaccord Genuity Group lifted their target price on shares of Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Fifteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $689.93.

Madrigal Pharmaceuticals Price Performance

NASDAQ MDGL opened at $510.36 on Tuesday. The firm’s fifty day simple moving average is $515.06 and its two-hundred day simple moving average is $499.09. The firm has a market capitalization of $11.79 billion, a P/E ratio of -39.59 and a beta of -1.01. The company has a current ratio of 3.20, a quick ratio of 2.94 and a debt-to-equity ratio of 0.65. Madrigal Pharmaceuticals has a 12-month low of $333.24 and a 12-month high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($1.99) EPS for the quarter, beating the consensus estimate of ($2.68) by $0.69. The firm had revenue of $364.25 million during the quarter, compared to analyst estimates of $352.13 million. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.The business’s revenue for the quarter was up 71.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.90) EPS. Analysts forecast that Madrigal Pharmaceuticals will post -7.03 EPS for the current fiscal year.

Insider Transactions at Madrigal Pharmaceuticals

In related news, insider David Soergel sold 1,042 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $495.74, for a total value of $516,561.08. Following the transaction, the insider owned 10,033 shares in the company, valued at approximately $4,973,759.42. This represents a 9.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 that occurred on Friday, May 22nd. The stock was sold at an average price of $515.44, for a total transaction of $2,928,730.08. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 7,568 shares of company stock valued at $3,880,711 in the last ninety days. Corporate insiders own 17.60% of the company’s stock.

Institutional Trading of Madrigal Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC raised its holdings in shares of Madrigal Pharmaceuticals by 27.4% during the first quarter. Janus Henderson Group PLC now owns 2,018,647 shares of the biopharmaceutical company’s stock worth $1,051,727,000 after purchasing an additional 433,804 shares during the last quarter. Wellington Management Group LLP grew its position in Madrigal Pharmaceuticals by 14.1% during the 4th quarter. Wellington Management Group LLP now owns 461,402 shares of the biopharmaceutical company’s stock worth $268,693,000 after purchasing an additional 56,947 shares during the period. Geode Capital Management LLC grew its position in Madrigal Pharmaceuticals by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 451,743 shares of the biopharmaceutical company’s stock worth $263,114,000 after purchasing an additional 5,510 shares during the period. Invesco Ltd. grew its position in Madrigal Pharmaceuticals by 21.9% during the 4th quarter. Invesco Ltd. now owns 365,314 shares of the biopharmaceutical company’s stock worth $212,737,000 after purchasing an additional 65,749 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of Madrigal Pharmaceuticals by 12.7% during the 2nd quarter. Bank of America Corp DE now owns 277,221 shares of the biopharmaceutical company’s stock valued at $83,898,000 after buying an additional 31,260 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 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.