Madrigal Pharmaceuticals (NASDAQ:MDGL) Lowered to “Hold” at Zacks Investment Research


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Zacks Investment Research downgraded shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) from a buy rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “Madrigal Pharmaceuticals, Inc. is engaged in developing small-molecule drugs addressing cardiovascular and metabolic diseases. Its products pipeline include MGL-3196, an orally administered liver-directed thyroid hormone receptor-ß agonist that is used for the treatment of NASH, dyslipidemia/hypercholesterolemia and high triglycerides; and MGL-3745, a thyroid hormone receptor-ß agonist which are in pre-clinical trial stage. Madrigal Pharmaceuticals Inc., formerly known as Synta Pharmaceuticals Corp., is based in Fort Washington, Pennsylvania. “

Other research analysts have also issued reports about the stock. BidaskClub upgraded shares of Madrigal Pharmaceuticals from a hold rating to a buy rating in a research report on Tuesday, October 27th. HC Wainwright upped their target price on shares of Madrigal Pharmaceuticals from $165.00 to $184.00 and gave the stock a buy rating in a research report on Friday, November 6th. The Goldman Sachs Group increased their price target on shares of Madrigal Pharmaceuticals from $118.00 to $126.00 and gave the company a neutral rating in a research report on Friday, November 6th. Canaccord Genuity lowered their price target on shares of Madrigal Pharmaceuticals from $198.00 to $177.00 and set a buy rating on the stock in a research report on Thursday, November 12th. Finally, Evercore ISI reiterated an outperform rating and issued a $180.00 price target on shares of Madrigal Pharmaceuticals in a research report on Monday, November 23rd. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of Buy and an average target price of $167.55.

Shares of Madrigal Pharmaceuticals stock opened at $112.19 on Wednesday. Madrigal Pharmaceuticals has a 52-week low of $56.82 and a 52-week high of $137.28. The company’s 50-day simple moving average is $116.46 and its 200-day simple moving average is $114.95. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of -10.13 and a beta of 1.28.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings results on Thursday, November 5th. The biopharmaceutical company reported ($3.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.37) by ($0.38). Equities analysts forecast that Madrigal Pharmaceuticals will post -13.05 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Liberty One Investment Management LLC lifted its stake in shares of Madrigal Pharmaceuticals by 90.0% during the third quarter. Liberty One Investment Management LLC now owns 435 shares of the biopharmaceutical company’s stock valued at $52,000 after buying an additional 206 shares during the period. Great West Life Assurance Co. Can raised its stake in Madrigal Pharmaceuticals by 54.7% during the second quarter. Great West Life Assurance Co. Can now owns 809 shares of the biopharmaceutical company’s stock worth $91,000 after purchasing an additional 286 shares during the period. Pacer Advisors Inc. purchased a new position in Madrigal Pharmaceuticals during the third quarter worth approximately $99,000. Bank of Montreal Can increased its position in shares of Madrigal Pharmaceuticals by 249.3% in the second quarter. Bank of Montreal Can now owns 978 shares of the biopharmaceutical company’s stock worth $105,000 after acquiring an additional 698 shares in the last quarter. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Madrigal Pharmaceuticals in the third quarter worth $178,000. 62.96% of the stock is currently owned by institutional investors and hedge funds.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. The company's lead candidate is MGL-3196, an orally administered, small-molecule, liver-directed, thyroid hormone receptor (THR) Ã-selective agonist, which is in Phase III clinical trials for the treatment of non-alcoholic steatohepatitis (NASH).

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