Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) have been given an average rating of “Moderate Buy” by the eighteen research firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $687.9286.

MDGL has been the topic of a number of research analyst reports. Bank of America reduced their target price on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a report on Thursday, June 11th. Citigroup reiterated a “market outperform” rating on shares of Madrigal Pharmaceuticals in a report on Monday, June 1st. Canaccord Genuity Group reduced their target price on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Wells Fargo & Company upgraded Madrigal Pharmaceuticals to an “overweight” rating in a report on Monday, June 1st. Finally, Truist Financial raised their price objective on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th.

Insider Activity

In other Madrigal Pharmaceuticals news, insider David Soergel sold 1,042 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $495.74, for a total value of $516,561.08. Following the transaction, the insider directly owned 10,033 shares of the company’s stock, valued at $4,973,759.42. This trade represents a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 dated Friday, May 22nd. The shares were sold at an average price of $515.44, for a total value of $2,928,730.08. Following the completion of the transaction, the director directly owned 22,015 shares in the company, valued at $11,347,411.60. This trade represents a 20.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,568 shares of company stock worth $3,880,711 over the last three months. 17.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MDGL. Janus Henderson Group PLC raised its position in Madrigal Pharmaceuticals by 27.4% in the first quarter. Janus Henderson Group PLC now owns 2,018,647 shares of the biopharmaceutical company’s stock valued at $1,051,727,000 after purchasing an additional 433,804 shares during the period. Wellington Management Group LLP raised its position in Madrigal Pharmaceuticals by 5,381.2% in the third quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock valued at $185,507,000 after purchasing an additional 397,076 shares during the period. Norges Bank purchased a new position in Madrigal Pharmaceuticals in the fourth quarter valued at about $114,368,000. Baker BROS. Advisors LP raised its position in Madrigal Pharmaceuticals by 8.4% in the third quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock valued at $982,313,000 after purchasing an additional 165,683 shares during the period. Finally, Deutsche Bank AG raised its position in Madrigal Pharmaceuticals by 414.5% in the fourth quarter. Deutsche Bank AG now owns 192,109 shares of the biopharmaceutical company’s stock valued at $111,873,000 after purchasing an additional 154,767 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Price Performance

Shares of Madrigal Pharmaceuticals stock opened at $512.88 on Tuesday. Madrigal Pharmaceuticals has a twelve month low of $276.67 and a twelve month high of $615.00. The stock has a market capitalization of $11.82 billion, a P/E ratio of -40.07 and a beta of -1.07. The company has a current ratio of 3.50, a quick ratio of 3.16 and a debt-to-equity ratio of 0.63. The business’s fifty day moving average price is $509.38 and its 200 day moving average price is $507.03.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 27.32%.The firm had revenue of $311.34 million for the quarter, compared to analysts’ expectations of $301.05 million. During the same quarter last year, the firm earned ($3.32) earnings per share. The firm’s revenue for the quarter was up 126.8% compared to the same quarter last year. As a group, research analysts anticipate that Madrigal Pharmaceuticals will post -7.3 earnings per share for the current year.

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.