Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target Raised to $650.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price objective upped by Oppenheimer from $600.00 to $650.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s target price would suggest a potential upside of 16.99% from the company’s current price.

Other research analysts have also recently issued reports about the company. Piper Sandler raised their target price on Madrigal Pharmaceuticals from $400.00 to $540.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Bank of America raised shares of Madrigal Pharmaceuticals from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $266.00 to $445.00 in a research report on Monday, November 3rd. Cantor Fitzgerald raised Madrigal Pharmaceuticals from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, October 8th. Finally, Citigroup reissued an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, November 5th. Thirteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $549.17.

Madrigal Pharmaceuticals Stock Down 0.6%

Shares of MDGL opened at $555.60 on Thursday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11. The company has a 50-day simple moving average of $452.59 and a 200-day simple moving average of $369.78. Madrigal Pharmaceuticals has a 52 week low of $265.00 and a 52 week high of $577.90. The firm has a market capitalization of $12.62 billion, a P/E ratio of -43.24 and a beta of -1.04.

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

Insider Transactions at Madrigal Pharmaceuticals

In related news, Director Kenneth Bate sold 16,575 shares of the 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 directly owned 2,627 shares in the company, valued at $1,272,256.10. This represents a 86.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William John Sibold sold 7,279 shares of the firm’s stock in a transaction 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 sale, the chief executive officer directly owned 102,474 shares of the company’s stock, valued at $45,665,488.62. This represents a 6.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 32,354 shares of company stock valued at $15,699,173. Corporate insiders own 21.50% of the company’s stock.

Institutional Trading of Madrigal Pharmaceuticals

Large investors have recently made changes to their positions in the business. Coldstream Capital Management Inc. bought a new position in shares of Madrigal Pharmaceuticals in the third quarter valued at about $235,000. Kozak & Associates Inc. increased its position in 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 acquiring an additional 100 shares in the last quarter. Integrated Investment Consultants LLC bought a new position in shares of Madrigal Pharmaceuticals in the third quarter worth about $260,000. Abel Hall LLC acquired a new position in shares of Madrigal Pharmaceuticals during the third quarter worth approximately $271,000. Finally, Castleark Management LLC acquired a new position in shares of Madrigal Pharmaceuticals during the third quarter worth approximately $4,553,000. Institutional investors own 98.50% of the company’s stock.

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.