Madrigal Pharmaceuticals (NASDAQ:MDGL) Receives “Market Outperform” Rating from JMP Securities

Madrigal Pharmaceuticals (NASDAQ:MDGL)‘s stock had its “market outperform” rating restated by investment analysts at JMP Securities in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $443.00 price target on the biopharmaceutical company’s stock. JMP Securities’ target price indicates a potential upside of 35.56% from the stock’s previous close.

Several other research analysts have also recently weighed in on MDGL. B. Riley upgraded shares of Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and boosted their price target for the stock from $236.00 to $422.00 in a report on Thursday, February 27th. Citigroup upped their target price on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Finally, HC Wainwright lifted their price target on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $409.00.

Madrigal Pharmaceuticals Stock Up 2.1 %

MDGL stock opened at $326.79 on Thursday. The firm has a market capitalization of $7.22 billion, a PE ratio of -13.03 and a beta of -0.69. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15. Madrigal Pharmaceuticals has a twelve month low of $189.00 and a twelve month high of $377.46. The stock’s 50 day moving average is $325.91 and its 200-day moving average is $309.95.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share for the quarter, beating the consensus estimate of ($4.32) by $1.61. The company had revenue of $103.32 million for the quarter, compared to the consensus estimate of $97.81 million. Sell-side analysts expect that Madrigal Pharmaceuticals will post -23.47 EPS for the current fiscal year.

Insider Activity at Madrigal Pharmaceuticals

In other news, Director James M. Daly sold 15,470 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $347.45, for a total value of $5,375,051.50. Following the sale, the director now owns 1,912 shares of the company’s stock, valued at $664,324.40. The trade was a 89.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Robert E. Waltermire sold 1,227 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $341.07, for a total transaction of $418,492.89. Following the completion of the transaction, the vice president now directly owns 3,728 shares of the company’s stock, valued at approximately $1,271,508.96. This trade represents a 24.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,810 shares of company stock worth $10,610,594. Insiders own 22.80% of the company’s stock.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Several institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC raised its stake in shares of Madrigal Pharmaceuticals by 825.0% during the 1st quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company’s stock valued at $36,000 after purchasing an additional 99 shares during the period. GAMMA Investing LLC increased its position in shares of Madrigal Pharmaceuticals by 131.4% during the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company’s stock valued at $39,000 after buying an additional 67 shares during the period. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter worth about $70,000. Parallel Advisors LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 42.7% in the first quarter. Parallel Advisors LLC now owns 284 shares of the biopharmaceutical company’s stock worth $94,000 after buying an additional 85 shares in the last quarter. Finally, Kozak & Associates Inc. bought a new position in shares of Madrigal Pharmaceuticals in the first quarter valued at approximately $104,000. Hedge funds and other 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.