Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target Raised to $709.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price objective raised by Truist Financial from $640.00 to $709.00 in a research note released on Wednesday morning, Marketbeat.com reports. Truist Financial currently has a buy rating on the biopharmaceutical company’s stock.

A number of other research analysts also recently issued reports on MDGL. Canaccord Genuity Group cut their price target on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, April 21st. HC Wainwright restated a “buy” rating and set a $620.00 target price on shares of Madrigal Pharmaceuticals in a research note on Wednesday, May 6th. The Goldman Sachs Group restated a “buy” rating and set a $571.00 target price on shares of Madrigal Pharmaceuticals in a research note on Wednesday, January 14th. Finally, Barclays began coverage on Madrigal Pharmaceuticals in a research note on Tuesday, January 27th. They set an “overweight” rating and a $964.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $687.00.

Madrigal Pharmaceuticals Trading Down 3.0%

Shares of NASDAQ:MDGL opened at $523.69 on Wednesday. Madrigal Pharmaceuticals has a 12-month low of $265.00 and a 12-month high of $615.00. The business’s fifty day simple moving average is $498.23 and its 200-day simple moving average is $510.38. The company has a market capitalization of $12.08 billion, a PE ratio of -40.91 and a beta of -1.04. The company has a current ratio of 3.50, a quick ratio of 3.16 and a debt-to-equity ratio of 0.63.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced 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 ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 27.32%.The business had revenue of $311.34 million for the quarter, compared to the consensus estimate of $301.05 million. During the same period last year, the business posted ($3.32) EPS. The business’s revenue was up 126.8% compared to the same quarter last year. As a group, equities research analysts predict that Madrigal Pharmaceuticals will post -6.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, insider Carole Huntsman sold 419 shares of the business’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $431.94, for a total transaction of $180,982.86. Following the sale, the insider owned 12,692 shares in the company, valued at approximately $5,482,182.48. The trade was a 3.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Shannon T. Kelley sold 360 shares of the business’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $431.94, for a total value of $155,498.40. Following the completion of the transaction, the general counsel directly owned 12,138 shares of the company’s stock, valued at approximately $5,242,887.72. This trade represents a 2.88% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 6,098 shares of company stock worth $2,626,254. 17.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the stock. Baker BROS. Advisors LP lifted its holdings in shares of Madrigal Pharmaceuticals by 8.4% in the 3rd 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 period. Wellington Management Group LLP lifted its holdings in shares of Madrigal Pharmaceuticals by 14.1% in the 4th quarter. Wellington Management Group LLP now owns 461,402 shares of the biopharmaceutical company’s stock valued at $268,693,000 after buying an additional 56,947 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 451,743 shares of the biopharmaceutical company’s stock valued at $263,114,000 after buying an additional 5,510 shares during the period. William Blair Investment Management LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 17.6% in the 3rd quarter. William Blair Investment Management LLC now owns 411,802 shares of the biopharmaceutical company’s stock valued at $188,877,000 after buying an additional 61,513 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Madrigal Pharmaceuticals by 21.9% in the 4th quarter. Invesco Ltd. now owns 365,314 shares of the biopharmaceutical company’s stock valued at $212,737,000 after buying an additional 65,749 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

About Madrigal Pharmaceuticals

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.