Madrigal Pharmaceuticals (NASDAQ:MDGL) PT Lowered to $350.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price objective lowered by Oppenheimer from $375.00 to $350.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the biopharmaceutical company’s stock.

MDGL has been the subject of several other reports. Citigroup cut their price target on shares of Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. StockNews.com upgraded shares of Madrigal Pharmaceuticals to a “sell” rating in a research report on Saturday, October 12th. HC Wainwright reiterated a “buy” rating and set a $390.00 target price on shares of Madrigal Pharmaceuticals in a report on Tuesday. Cantor Fitzgerald reiterated a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Friday, October 11th. Finally, JMP Securities increased their target price on shares of Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the stock a “market outperform” rating in a report on Tuesday, July 16th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $341.75.

Madrigal Pharmaceuticals Stock Performance

NASDAQ MDGL opened at $210.67 on Wednesday. The company has a 50-day simple moving average of $228.28 and a two-hundred day simple moving average of $242.48. The company has a quick ratio of 8.67, a current ratio of 8.72 and a debt-to-equity ratio of 0.14. Madrigal Pharmaceuticals has a 12-month low of $119.76 and a 12-month high of $299.98. The firm has a market cap of $4.49 billion, a price-to-earnings ratio of -9.12 and a beta of -0.44.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($7.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($7.55) by $0.45. The business had revenue of $14.64 million for the quarter, compared to analysts’ expectations of $4.25 million. During the same quarter in the previous year, the company earned ($4.69) earnings per share. The business’s quarterly revenue was up 146280.0% on a year-over-year basis. On average, equities analysts forecast that Madrigal Pharmaceuticals will post -27.47 EPS for the current year.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 6,363 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $243.83, for a total value of $1,551,490.29. Following the completion of the sale, the chief executive officer now directly owns 55,887 shares in the company, valued at $13,626,927.21. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 23.92% of the stock is currently owned by company insiders.

Institutional Trading of Madrigal Pharmaceuticals

A number of hedge funds have recently made changes to their positions in MDGL. Congress Park Capital LLC purchased a new position in Madrigal Pharmaceuticals during the first quarter valued at $320,000. Hennion & Walsh Asset Management Inc. raised its position in shares of Madrigal Pharmaceuticals by 20.0% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 32,318 shares of the biopharmaceutical company’s stock worth $8,630,000 after purchasing an additional 5,392 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Madrigal Pharmaceuticals in the 1st quarter worth about $102,000. AMI Asset Management Corp boosted its stake in Madrigal Pharmaceuticals by 101.5% in the 1st quarter. AMI Asset Management Corp now owns 9,618 shares of the biopharmaceutical company’s stock worth $2,568,000 after purchasing an additional 4,845 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in 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 purchasing an additional 127 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Madrigal Pharmaceuticals Company Profile

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.