Brokerages Set Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Target Price at $687.00

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) has earned an average recommendation of “Moderate Buy” from the seventeen brokerages that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $687.00.

Several equities research analysts recently commented on MDGL shares. Truist Financial boosted their price objective on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. HC Wainwright reissued a “buy” rating and set a $620.00 price target on shares of Madrigal Pharmaceuticals in a research report on Wednesday, May 6th. Bank of America cut their price target on shares of Madrigal Pharmaceuticals from $570.00 to $529.00 and set a “neutral” rating on the stock in a research report on Friday, February 20th. Evercore set a $649.00 price target on shares of Madrigal Pharmaceuticals in a research report on Thursday, May 7th. Finally, Canaccord Genuity Group cut their price target on shares of Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th.

Madrigal Pharmaceuticals Trading Up 1.4%

MDGL opened at $524.28 on Friday. The stock has a market capitalization of $12.09 billion, a P/E ratio of -40.96 and a beta of -1.04. Madrigal Pharmaceuticals has a 12 month low of $265.00 and a 12 month high of $615.00. The firm’s fifty day simple moving average is $509.56 and its 200 day simple moving average is $515.06. The company has a current ratio of 3.50, a quick ratio of 3.16 and a debt-to-equity ratio of 0.63.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) EPS for the quarter, beating the consensus estimate of ($3.61) by $0.36. The business had revenue of $311.34 million for the quarter, compared to analysts’ expectations of $301.05 million. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The firm’s revenue was up 126.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($3.32) EPS. As a group, research analysts anticipate that Madrigal Pharmaceuticals will post -6.49 EPS for the current fiscal year.

Insider Activity

In other Madrigal Pharmaceuticals news, Director Rebecca Taub sold 491 shares of the business’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $431.94, for a total transaction of $212,082.54. Following the sale, the director directly owned 452,213 shares of the company’s stock, valued at $195,328,883.22. The trade was a 0.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider David Soergel sold 844 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $515.90, for a total transaction of $435,419.60. Following the sale, the insider directly owned 11,075 shares in the company, valued at $5,713,592.50. This trade represents a 7.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 12,624 shares of company stock worth $5,990,403. 17.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Eastern Bank increased its stake in shares of Madrigal Pharmaceuticals by 32.3% during the 4th quarter. Eastern Bank now owns 86 shares of the biopharmaceutical company’s stock worth $50,000 after purchasing an additional 21 shares during the last quarter. Centaurus Financial Inc. increased its stake in shares of Madrigal Pharmaceuticals by 5.0% during the 3rd quarter. Centaurus Financial Inc. now owns 709 shares of the biopharmaceutical company’s stock worth $325,000 after purchasing an additional 34 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Madrigal Pharmaceuticals by 34.6% during the 4th quarter. Farther Finance Advisors LLC now owns 140 shares of the biopharmaceutical company’s stock worth $82,000 after purchasing an additional 36 shares during the last quarter. Accent Capital Management LLC increased its stake in shares of Madrigal Pharmaceuticals by 64.9% during the 4th quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company’s stock worth $55,000 after purchasing an additional 37 shares during the last quarter. Finally, Swiss Life Asset Management Ltd increased its stake in shares of Madrigal Pharmaceuticals by 6.8% during the 4th quarter. Swiss Life Asset Management Ltd now owns 690 shares of the biopharmaceutical company’s stock worth $402,000 after purchasing an additional 44 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.