Madrigal Pharmaceuticals (NASDAQ:MDGL) Releases Earnings Results, Misses Estimates By $3.07 EPS

Madrigal Pharmaceuticals (NASDAQ:MDGL) released its earnings results on Tuesday. The biopharmaceutical company reported ($5.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.01) by ($3.07), Zacks reports. Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. The company had revenue of $287.27 million during the quarter, compared to analyst estimates of $244.33 million.

Madrigal Pharmaceuticals Trading Up 7.0%

Shares of MDGL stock opened at $475.87 on Thursday. The stock has a market cap of $10.57 billion, a P/E ratio of -37.03 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 $435.09 and a 200 day simple moving average of $355.41. Madrigal Pharmaceuticals has a 1 year low of $265.00 and a 1 year high of $496.98.

Wall Street Analysts Forecast Growth

MDGL has been the subject of a number of analyst reports. HC Wainwright assumed coverage on Madrigal Pharmaceuticals in a research note on Thursday, September 4th. They issued a “buy” rating and a $500.00 price target for the company. Cowen reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 26th. Citizens Jmp upped their price target on shares of Madrigal Pharmaceuticals from $485.00 to $527.00 and gave the stock a “market outperform” rating in a research report on Wednesday. Canaccord Genuity Group lifted their price objective on shares of Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Finally, TD Cowen lifted their price target on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the stock a “buy” rating in a report on Tuesday, August 26th. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $528.42.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Paul A. Friedman sold 129,172 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $370.24, for a total transaction of $47,824,641.28. Following the sale, the director directly owned 187,164 shares of the company’s stock, valued at approximately $69,295,599.36. The trade was a 40.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William John Sibold sold 7,279 shares of the company’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $445.63, for a total value of $3,243,740.77. Following the completion of the transaction, the chief executive officer directly owned 102,474 shares of the company’s stock, valued at approximately $45,665,488.62. The trade was a 6.63% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders acquired 165,683 shares of company stock worth $61,921,142 and sold 248,642 shares worth $91,388,103. Company insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Several large investors have recently modified their holdings of the company. Sei Investments Co. lifted its holdings in shares of Madrigal Pharmaceuticals by 73.6% in the second quarter. Sei Investments Co. now owns 17,542 shares of the biopharmaceutical company’s stock valued at $5,309,000 after purchasing an additional 7,438 shares in the last quarter. California State Teachers Retirement System grew its position in Madrigal Pharmaceuticals by 14.4% during the second quarter. California State Teachers Retirement System now owns 14,133 shares of the biopharmaceutical company’s stock valued at $4,277,000 after buying an additional 1,777 shares during the period. Ameriprise Financial Inc. grew its position in shares of Madrigal Pharmaceuticals by 68.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 8,406 shares of the biopharmaceutical company’s stock valued at $2,544,000 after acquiring an additional 3,412 shares during the period. Canada Pension Plan Investment Board increased its position in Madrigal Pharmaceuticals by 390.9% in the second quarter. Canada Pension Plan Investment Board now owns 5,400 shares of the biopharmaceutical company’s stock worth $1,634,000 after buying an additional 4,300 shares during the last quarter. Finally, Engineers Gate Manager LP purchased a new stake in Madrigal Pharmaceuticals in the 2nd quarter worth about $1,339,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.