Madrigal Pharmaceuticals (NASDAQ:MDGL) Receives Buy Rating from HC Wainwright

Madrigal Pharmaceuticals (NASDAQ:MDGL)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research note issued on Wednesday,Benzinga reports. They presently have a $620.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price target suggests a potential upside of 23.39% from the company’s previous close.

A number of other research firms also recently issued reports on MDGL. Citigroup restated an “outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, January 20th. The Goldman Sachs Group restated a “buy” rating and set a $571.00 price target on shares of Madrigal Pharmaceuticals in a research note on Wednesday, January 14th. Citizens Jmp boosted their price target on Madrigal Pharmaceuticals from $527.00 to $745.00 and gave the company a “market outperform” rating in a research note on Tuesday, January 20th. Barclays began coverage on Madrigal Pharmaceuticals in a research note on Tuesday, January 27th. They set an “overweight” rating and a $964.00 price target for the company. Finally, Bank of America cut their price target on Madrigal Pharmaceuticals from $570.00 to $529.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $685.31.

Madrigal Pharmaceuticals Trading Down 3.1%

Madrigal Pharmaceuticals stock opened at $502.47 on Wednesday. The business has a 50-day simple moving average of $484.48 and a two-hundred day simple moving average of $505.79. The company has a market cap of $11.58 billion, a P/E ratio of -39.04 and a beta of -1.04. Madrigal Pharmaceuticals has a 52-week low of $265.00 and a 52-week high of $615.00. The company has a quick ratio of 3.77, a current ratio of 4.01 and a debt-to-equity ratio of 0.56.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($4.23) by $0.98. The business had revenue of $311.34 million during the quarter, compared to the consensus estimate of $301.05 million. Madrigal Pharmaceuticals had a negative return on equity of 43.76% and a negative net margin of 30.08%. Analysts predict that Madrigal Pharmaceuticals will post -5.49 EPS for the current year.

Insider Activity at Madrigal Pharmaceuticals

In related news, General Counsel Shannon T. Kelley sold 360 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $431.94, for a total transaction of $155,498.40. Following the completion of the transaction, the general counsel directly owned 12,138 shares in the company, valued at approximately $5,242,887.72. The trade was a 2.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Rebecca Taub sold 491 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $431.94, for a total value of $212,082.54. Following the transaction, the director owned 452,213 shares of the company’s stock, valued at approximately $195,328,883.22. This trade represents a 0.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 6,098 shares of company stock worth $2,626,254 in the last quarter. 21.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Baker BROS. Advisors LP raised its position in shares of Madrigal Pharmaceuticals by 8.4% during the third quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock valued at $982,313,000 after buying an additional 165,683 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its position in shares of Madrigal Pharmaceuticals by 388.3% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 15,288 shares of the biopharmaceutical company’s stock valued at $7,012,000 after buying an additional 12,157 shares during the last quarter. Iron Triangle Partners LP bought a new stake in shares of Madrigal Pharmaceuticals during the third quarter valued at approximately $26,776,000. New York State Common Retirement Fund raised its position in shares of Madrigal Pharmaceuticals by 13.4% during the third quarter. New York State Common Retirement Fund now owns 69,273 shares of the biopharmaceutical company’s stock valued at $31,773,000 after buying an additional 8,211 shares during the last quarter. Finally, Peak Financial Advisors LLC raised its position in shares of Madrigal Pharmaceuticals by 287.0% during the fourth quarter. Peak Financial Advisors LLC now owns 4,466 shares of the biopharmaceutical company’s stock valued at $2,601,000 after buying an additional 3,312 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

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.