Madrigal Pharmaceuticals (NASDAQ:MDGL) Share Price Crosses Above 50 Day Moving Average of $99.43

Madrigal Pharmaceuticals Inc (NASDAQ:MDGL)’s stock price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $99.43 and traded as high as $104.33. Madrigal Pharmaceuticals shares last traded at $100.79, with a volume of 3,544 shares trading hands.

MDGL has been the topic of several research analyst reports. B. Riley restated a “buy” rating and set a $3.50 target price on shares of S&W Seed in a report on Monday, June 10th. Cowen restated a “market perform” rating and set a $99.00 target price (up previously from $97.00) on shares of United Continental in a report on Wednesday, April 17th. UBS Group set a $180.00 target price on Accenture and gave the stock a “hold” rating in a report on Thursday, March 28th. BidaskClub cut Waterstone Financial from a “hold” rating to a “sell” rating in a report on Friday, June 21st. Finally, Zacks Investment Research cut Gold Resource from a “hold” rating to a “sell” rating in a report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $187.00.

The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -46.44 and a beta of 1.21. The company’s 50 day simple moving average is $99.48.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($0.98) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.00) by $0.02. During the same period last year, the business posted ($0.45) EPS. As a group, sell-side analysts predict that Madrigal Pharmaceuticals Inc will post -4.53 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in MDGL. Rhumbline Advisers lifted its stake in Madrigal Pharmaceuticals by 51.5% in the fourth quarter. Rhumbline Advisers now owns 9,279 shares of the biopharmaceutical company’s stock valued at $1,046,000 after buying an additional 3,156 shares during the period. LPL Financial LLC lifted its stake in Madrigal Pharmaceuticals by 72.1% in the fourth quarter. LPL Financial LLC now owns 2,260 shares of the biopharmaceutical company’s stock valued at $255,000 after buying an additional 947 shares during the period. Great West Life Assurance Co. Can lifted its stake in Madrigal Pharmaceuticals by 59.1% in the fourth quarter. Great West Life Assurance Co. Can now owns 985 shares of the biopharmaceutical company’s stock valued at $107,000 after buying an additional 366 shares during the period. Bessemer Group Inc. acquired a new position in Madrigal Pharmaceuticals in the fourth quarter valued at about $116,000. Finally, United Services Automobile Association lifted its stake in Madrigal Pharmaceuticals by 7.1% in the fourth quarter. United Services Automobile Association now owns 1,891 shares of the biopharmaceutical company’s stock valued at $213,000 after buying an additional 125 shares during the period. 60.87% of the stock is currently owned by hedge funds and other institutional investors.

About Madrigal Pharmaceuticals (NASDAQ:MDGL)

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. The company's lead candidate is MGL-3196, an orally administered, small-molecule, liver-directed, thyroid hormone receptor (THR) ß-selective agonist, which is in Phase II clinical trials for the treatment of non-alcoholic steatohepatitis and heterozygous familial hypercholesterolemia.

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