JMP Securities Trims Madrigal Pharmaceuticals (NASDAQ:MDGL) Target Price to $381.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price objective cut by stock analysts at JMP Securities from $397.00 to $381.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “market outperform” rating on the biopharmaceutical company’s stock. JMP Securities’ price objective would suggest a potential upside of 82.85% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Oppenheimer lifted their price target on Madrigal Pharmaceuticals from $320.00 to $375.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. StockNews.com upgraded shares of Madrigal Pharmaceuticals to a “sell” rating in a research note on Friday, April 12th. Evercore ISI raised their price target on shares of Madrigal Pharmaceuticals from $325.00 to $405.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 20th. B. Riley raised shares of Madrigal Pharmaceuticals from a “sell” rating to a “neutral” rating and lifted their price target for the company from $155.00 to $270.00 in a report on Friday, March 15th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $336.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Thursday, March 14th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $355.27.

Madrigal Pharmaceuticals Stock Down 4.4 %

MDGL traded down $9.59 during trading hours on Wednesday, reaching $208.37. 503,564 shares of the stock traded hands, compared to its average volume of 524,709. Madrigal Pharmaceuticals has a fifty-two week low of $119.76 and a fifty-two week high of $311.56. The company has a market cap of $4.43 billion, a price-to-earnings ratio of -10.45 and a beta of -0.33. The company has a debt-to-equity ratio of 0.28, a current ratio of 5.38 and a quick ratio of 5.38. The firm’s fifty day simple moving average is $240.62 and its two-hundred day simple moving average is $217.08.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($7.38) EPS for the quarter, missing the consensus estimate of ($6.06) by ($1.32). During the same quarter in the prior year, the firm posted ($4.23) earnings per share. As a group, analysts forecast that Madrigal Pharmaceuticals will post -21.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, Director James M. Daly sold 32,489 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $102.77, for a total transaction of $3,338,894.53. Following the sale, the director now owns 1,198 shares of the company’s stock, valued at $123,118.46. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director James M. Daly sold 32,489 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $102.77, for a total transaction of $3,338,894.53. Following the transaction, the director now directly owns 1,198 shares of the company’s stock, valued at $123,118.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard S. Levy sold 11,000 shares of Madrigal Pharmaceuticals stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $257.48, for a total transaction of $2,832,280.00. Following the sale, the director now owns 10,298 shares in the company, valued at $2,651,529.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 146,496 shares of company stock worth $31,362,420. 23.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MDGL. Raymond James & Associates lifted its position in Madrigal Pharmaceuticals by 34.9% in the third quarter. Raymond James & Associates now owns 20,451 shares of the biopharmaceutical company’s stock worth $2,987,000 after purchasing an additional 5,295 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Madrigal Pharmaceuticals by 4.0% in the third quarter. Bank of New York Mellon Corp now owns 58,786 shares of the biopharmaceutical company’s stock valued at $8,585,000 after buying an additional 2,288 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Madrigal Pharmaceuticals by 16.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,039 shares of the biopharmaceutical company’s stock valued at $298,000 after buying an additional 284 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Madrigal Pharmaceuticals by 32.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 62,275 shares of the biopharmaceutical company’s stock valued at $9,236,000 after buying an additional 15,304 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Madrigal Pharmaceuticals during the third quarter worth about $318,000. 98.50% of the stock is currently owned by institutional investors.

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.