Bank of America Lowers Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target to $529.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its target price cut by investment analysts at Bank of America from $570.00 to $529.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the biopharmaceutical company’s stock. Bank of America‘s price objective indicates a potential upside of 21.09% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Citizens Jmp upped their target price on Madrigal Pharmaceuticals from $527.00 to $745.00 and gave the company a “market outperform” rating in a report on Tuesday, January 20th. TD Cowen restated a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Monday, January 12th. Zacks Research lowered shares of Madrigal Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Monday, January 12th. Piper Sandler increased their price target on shares of Madrigal Pharmaceuticals from $540.00 to $900.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $571.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $669.86.

Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ:MDGL opened at $436.87 on Friday. The company has a current ratio of 3.44, a quick ratio of 3.26 and a debt-to-equity ratio of 0.54. The company has a 50-day moving average price of $524.34 and a 200-day moving average price of $480.46. The company has a market cap of $9.92 billion, a price-to-earnings ratio of -33.58, a price-to-earnings-growth ratio of 6.98 and a beta of -1.01. Madrigal Pharmaceuticals has a 12 month low of $265.00 and a 12 month high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Thursday, February 19th. The biopharmaceutical company reported ($2.57) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($2.61). The business had revenue of $321.08 million for the quarter, compared to analysts’ expectations of $310.36 million. Madrigal Pharmaceuticals had a negative net margin of 39.04% and a negative return on equity of 41.50%. The firm’s revenue for the quarter was up 210.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($2.71) EPS. As a group, equities analysts anticipate that Madrigal Pharmaceuticals will post -23.47 EPS for the current year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, insider Carole Huntsman sold 910 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $493.78, for a total transaction of $449,339.80. Following the completion of the transaction, the insider directly owned 9,122 shares in the company, valued at approximately $4,504,261.16. This trade represents a 9.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul A. Friedman sold 24,520 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $522.39, for a total value of $12,809,002.80. Following the completion of the sale, the director directly owned 187,164 shares in the company, valued at approximately $97,772,601.96. This represents a 11.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 99,537 shares of company stock valued at $53,485,702 over the last three months. 21.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MDGL. Eastern Bank raised its stake in Madrigal Pharmaceuticals by 32.3% during the fourth quarter. Eastern Bank now owns 86 shares of the biopharmaceutical company’s stock valued at $50,000 after buying an additional 21 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in Madrigal Pharmaceuticals by 0.7% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 4,459 shares of the biopharmaceutical company’s stock worth $1,349,000 after purchasing an additional 30 shares in the last quarter. Centaurus Financial Inc. grew its position in Madrigal Pharmaceuticals by 5.0% during the 3rd quarter. Centaurus Financial Inc. now owns 709 shares of the biopharmaceutical company’s stock valued at $325,000 after purchasing an additional 34 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in Madrigal Pharmaceuticals by 34.6% in the fourth quarter. Farther Finance Advisors LLC now owns 140 shares of the biopharmaceutical company’s stock worth $82,000 after buying an additional 36 shares during the last quarter. Finally, Accent Capital Management LLC lifted its stake in shares of Madrigal Pharmaceuticals by 64.9% in the fourth quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company’s stock worth $55,000 after buying an additional 37 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

About Madrigal Pharmaceuticals

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.