Evercore ISI Boosts Madrigal Pharmaceuticals (MDGL) Price Target to $140.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price target hoisted by equities researchers at Evercore ISI from $65.00 to $140.00 in a research note issued to investors on Thursday. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Evercore ISI’s price objective suggests a potential upside of 60.59% from the stock’s current price.

MDGL has been the subject of several other research reports. HC Wainwright assumed coverage on Madrigal Pharmaceuticals in a research report on Wednesday, November 29th. They issued a “buy” rating and a $54.00 price target for the company. JMP Securities lifted their price target on Madrigal Pharmaceuticals from $40.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday, October 13th. Finally, Roth Capital set a $82.00 price target on Madrigal Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, November 30th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $113.00.

Madrigal Pharmaceuticals (NASDAQ MDGL) traded up $40.88 on Thursday, reaching $87.18. The company had a trading volume of 3,218,600 shares, compared to its average volume of 57,582. Madrigal Pharmaceuticals has a 12 month low of $13.09 and a 12 month high of $101.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.68) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.79) by $0.11. analysts expect that Madrigal Pharmaceuticals will post -2.57 EPS for the current year.

Several large investors have recently made changes to their positions in the business. Renaissance Technologies LLC raised its stake in Madrigal Pharmaceuticals by 0.7% in the first quarter. Renaissance Technologies LLC now owns 57,875 shares of the biopharmaceutical company’s stock worth $891,000 after buying an additional 400 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Madrigal Pharmaceuticals by 17.9% in the third quarter. Bank of New York Mellon Corp now owns 12,945 shares of the biopharmaceutical company’s stock worth $582,000 after buying an additional 1,963 shares in the last quarter. SG Americas Securities LLC bought a new position in Madrigal Pharmaceuticals in the third quarter worth approximately $100,000. New York State Common Retirement Fund bought a new position in Madrigal Pharmaceuticals in the second quarter worth approximately $109,000. Finally, JPMorgan Chase & Co. bought a new position in Madrigal Pharmaceuticals in the third quarter worth approximately $325,000. Institutional investors and hedge funds own 21.40% of the company’s stock.

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Madrigal Pharmaceuticals Company Profile

Madrigal Pharmaceuticals, Inc, formerly Synta Pharmaceuticals Corp., is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular-metabolic diseases and nonalcoholic steatohepatitis (NASH). The Company’s lead product, MGL-3196, is a Phase II-ready once-daily, oral, liver-directed selective thyroid hormone receptor-b (THR-b) agonist for the treatment of NASH, and heterozygous and homozygous familial hypercholesterolemia (FH).

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