HC Wainwright Lowers Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target to $390.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price objective cut by research analysts at HC Wainwright from $425.00 to $390.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s target price would indicate a potential upside of 87.42% from the company’s current price.

Several other research firms have also issued reports on MDGL. Piper Sandler restated an “overweight” rating and issued a $336.00 price target on shares of Madrigal Pharmaceuticals in a research report on Thursday, March 14th. UBS Group boosted their price objective on shares of Madrigal Pharmaceuticals from $337.00 to $410.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. TD Cowen boosted their price target on shares of Madrigal Pharmaceuticals from $349.00 to $390.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. Evercore ISI upped their target price on shares of Madrigal Pharmaceuticals from $325.00 to $405.00 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. Finally, StockNews.com raised shares of Madrigal Pharmaceuticals to a “sell” rating in a research note on Friday, April 12th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $351.45.

Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ MDGL traded down $9.87 during trading on Wednesday, reaching $208.09. The stock had a trading volume of 565,316 shares, compared to its average volume of 525,390. The company has a debt-to-equity ratio of 0.28, a quick ratio of 5.38 and a current ratio of 5.38. The firm’s 50 day moving average price is $240.62 and its two-hundred day moving average price is $217.08. Madrigal Pharmaceuticals has a one year low of $119.76 and a one year high of $311.56. The stock has a market cap of $4.43 billion, a PE ratio of -10.40 and a beta of -0.33.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($7.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($6.06) by ($1.32). During the same period in the previous year, the business earned ($4.23) earnings per share. On average, research analysts forecast that Madrigal Pharmaceuticals will post -21.86 earnings per share for the current fiscal year.

Insider Activity at Madrigal Pharmaceuticals

In related news, CMO Rebecca Taub sold 2,676 shares of the firm’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $245.99, for a total transaction of $658,269.24. Following the completion of the sale, the chief marketing officer now owns 458,999 shares in the company, valued at $112,909,164.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CMO Rebecca Taub sold 2,676 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $245.99, for a total value of $658,269.24. Following the completion of the transaction, the chief marketing officer now directly owns 458,999 shares in the company, valued at $112,909,164.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James M. Daly sold 32,489 shares of Madrigal Pharmaceuticals stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $102.77, for a total value of $3,338,894.53. Following the sale, the director now owns 1,198 shares of the company’s stock, valued at approximately $123,118.46. The disclosure for this sale can be found here. Insiders have sold 146,496 shares of company stock valued at $31,362,420 over the last ninety days. Corporate insiders own 23.92% of the company’s stock.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Amalgamated Bank increased its holdings in Madrigal Pharmaceuticals by 2.8% in the 4th quarter. Amalgamated Bank now owns 2,119 shares of the biopharmaceutical company’s stock worth $490,000 after buying an additional 57 shares in the last quarter. Knights of Columbus Asset Advisors LLC lifted its position in shares of Madrigal Pharmaceuticals by 1.7% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 4,309 shares of the biopharmaceutical company’s stock valued at $629,000 after acquiring an additional 74 shares in the last quarter. Global Retirement Partners LLC lifted its stake in Madrigal Pharmaceuticals by 454.5% in the 4th quarter. Global Retirement Partners LLC now owns 122 shares of the biopharmaceutical company’s stock worth $30,000 after purchasing an additional 100 shares in the last quarter. Dana Investment Advisors Inc. grew its holdings in Madrigal Pharmaceuticals by 4.1% during the 4th quarter. Dana Investment Advisors Inc. now owns 3,171 shares of the biopharmaceutical company’s stock valued at $734,000 after buying an additional 124 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Madrigal Pharmaceuticals by 3.3% during the 1st quarter. Principal Financial Group Inc. now owns 4,002 shares of the biopharmaceutical company’s stock valued at $1,069,000 after buying an additional 127 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.