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

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) has received an average recommendation of “Moderate Buy” from the eighteen ratings firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have assigned a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $689.9333.

A number of brokerages have recently issued reports on MDGL. Barclays cut their price target on Madrigal Pharmaceuticals from $964.00 to $962.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. Bank of America lowered their target price on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a research note on Thursday, June 11th. Truist Financial boosted their price target on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Wells Fargo & Company assumed coverage on Madrigal Pharmaceuticals in a report on Monday, July 27th. They set an “overweight” rating and a $685.00 target price for the company. Finally, Piper Sandler restated an “overweight” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, June 24th.

Insiders Place Their Bets

In related news, Director Richard S. Levy sold 5,682 shares of the business’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 sale, the director directly owned 22,015 shares in the company, valued at approximately $11,347,411.60. The trade was a 20.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of Madrigal Pharmaceuticals stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $495.74, for a total transaction of $516,561.08. Following the sale, the insider owned 10,033 shares of the company’s stock, valued at approximately $4,973,759.42. This represents a 9.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 in the last 90 days. Company insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Madrigal Pharmaceuticals in the 2nd quarter valued at approximately $644,753,000. Deutsche Bank AG purchased a new position in shares of Madrigal Pharmaceuticals during the second quarter worth $45,059,000. Persistent Asset Partners Ltd acquired a new stake in shares of Madrigal Pharmaceuticals in the second quarter valued at $29,000. OneDigital Investment Advisors LLC purchased a new stake in shares of Madrigal Pharmaceuticals in the 2nd quarter valued at $248,000. Finally, Global Retirement Partners LLC acquired a new position in Madrigal Pharmaceuticals during the 2nd quarter worth about $34,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

NASDAQ:MDGL opened at $515.34 on Thursday. The company has a market cap of $11.90 billion, a price-to-earnings ratio of -39.98 and a beta of -1.01. Madrigal Pharmaceuticals has a 1 year low of $342.73 and a 1 year high of $615.00. The stock’s 50 day simple moving average is $516.00 and its two-hundred day simple moving average is $499.22. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.20 and a quick ratio of 2.94.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.68) by $0.69. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.The company had revenue of $364.25 million during the quarter, compared to the consensus estimate of $352.13 million. During the same period last year, the company earned ($1.90) earnings per share. Madrigal Pharmaceuticals’s revenue was up 71.2% on a year-over-year basis. As a group, equities analysts anticipate that Madrigal Pharmaceuticals will post -7.03 earnings per share for the current fiscal 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.