Madrigal Pharmaceuticals (NASDAQ:MDGL) Hits New 1-Year High on Better-Than-Expected Earnings

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) hit a new 52-week high during trading on Thursday following a better than expected earnings announcement. The company traded as high as $377.46 and last traded at $355.88, with a volume of 1187957 shares. The stock had previously closed at $309.49.

The biopharmaceutical company reported ($2.71) EPS for the quarter, topping analysts’ consensus estimates of ($4.32) by $1.61. The company had revenue of $103.32 million during the quarter, compared to the consensus estimate of $97.81 million.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. HC Wainwright boosted their target price on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a “buy” rating in a research report on Thursday. UBS Group boosted their target price on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 20th. Citigroup boosted their target price on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, B. Riley upped their price target on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $360.25.

Insider Activity at Madrigal Pharmaceuticals

In related news, CEO William John Sibold sold 1,584 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $335.24, for a total transaction of $531,020.16. Following the completion of the transaction, the chief executive officer now directly owns 54,303 shares in the company, valued at approximately $18,204,537.72. The trade was a 2.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Shannon T. Kelley sold 277 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $273.41, for a total value of $75,734.57. Following the completion of the transaction, the general counsel now owns 7,705 shares of the company’s stock, valued at $2,106,624.05. The trade was a 3.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,690 shares of company stock worth $2,692,601. 22.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. bought a new position in Madrigal Pharmaceuticals in the 4th quarter worth approximately $141,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Madrigal Pharmaceuticals by 23.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 27,538 shares of the biopharmaceutical company’s stock worth $8,497,000 after purchasing an additional 5,182 shares during the period. Woodline Partners LP boosted its stake in Madrigal Pharmaceuticals by 110.2% in the 4th quarter. Woodline Partners LP now owns 309,117 shares of the biopharmaceutical company’s stock worth $95,384,000 after purchasing an additional 162,027 shares during the period. Vestal Point Capital LP boosted its stake in Madrigal Pharmaceuticals by 216.7% in the 4th quarter. Vestal Point Capital LP now owns 95,000 shares of the biopharmaceutical company’s stock worth $29,314,000 after purchasing an additional 65,000 shares during the period. Finally, Soleus Capital Management L.P. bought a new position in Madrigal Pharmaceuticals in the 4th quarter worth approximately $3,363,000. 98.50% of the stock is currently owned by institutional investors.

Madrigal Pharmaceuticals Stock Down 5.7 %

The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $7.32 billion, a P/E ratio of -13.39 and a beta of -0.38. The business has a 50-day moving average price of $321.42 and a 200 day moving average price of $283.69.

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.