Madrigal Pharmaceuticals’ (MDGL) Buy Rating Reaffirmed at UBS Group

Madrigal Pharmaceuticals (NASDAQ:MDGL)‘s stock had its “buy” rating restated by research analysts at UBS Group in a research note issued to investors on Tuesday, MarketBeat Ratings reports. They presently have a $523.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $458.00. UBS Group’s price target would indicate a potential upside of 40.04% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. JMP Securities restated a “market outperform” rating and set a $443.00 target price on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. Canaccord Genuity Group raised their target price on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Wall Street Zen upgraded Madrigal Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday, May 5th. Finally, B. Riley restated a “buy” rating and set a $460.00 target price (up from $422.00) on shares of Madrigal Pharmaceuticals in a report on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $439.71.

Madrigal Pharmaceuticals Stock Performance

Shares of Madrigal Pharmaceuticals stock opened at $373.46 on Tuesday. The business has a 50-day moving average of $306.57 and a 200 day moving average of $313.72. Madrigal Pharmaceuticals has a 12 month low of $200.63 and a 12 month high of $377.46. The stock has a market capitalization of $8.29 billion, a price-to-earnings ratio of -29.06 and a beta of -1.02. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.11 and a quick ratio of 4.78.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) EPS for the quarter, beating analysts’ consensus estimates of ($3.48) by $1.58. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%. The company had revenue of $212.80 million during the quarter, compared to analysts’ expectations of $158.94 million. During the same period last year, the business posted ($7.10) EPS. Madrigal Pharmaceuticals’s revenue for the quarter was up 1357.5% on a year-over-year basis. As a group, sell-side analysts forecast that Madrigal Pharmaceuticals will post -23.47 earnings per share for the current year.

Insider Activity

In other news, Director Paul A. Friedman sold 129,172 shares of Madrigal Pharmaceuticals stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $370.24, for a total value of $47,824,641.28. Following the completion of the transaction, the director owned 187,164 shares in the company, valued at approximately $69,295,599.36. This trade represents a 40.83% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Rebecca Taub sold 43,263 shares of Madrigal Pharmaceuticals stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $355.69, for a total value of $15,388,216.47. Following the completion of the transaction, the director owned 461,044 shares of the company’s stock, valued at $163,988,740.36. The trade was a 8.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 282,820 shares of company stock valued at $102,281,936 in the last quarter. Company insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in MDGL. Norges Bank acquired a new stake in shares of Madrigal Pharmaceuticals during the 2nd quarter worth about $53,406,000. Adage Capital Partners GP L.L.C. raised its position in shares of Madrigal Pharmaceuticals by 860.0% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 191,609 shares of the biopharmaceutical company’s stock worth $63,467,000 after acquiring an additional 171,649 shares in the last quarter. Woodline Partners LP raised its position in shares of Madrigal Pharmaceuticals by 110.2% during the 4th quarter. Woodline Partners LP now owns 309,117 shares of the biopharmaceutical company’s stock worth $95,384,000 after acquiring an additional 162,027 shares in the last quarter. Hood River Capital Management LLC acquired a new stake in shares of Madrigal Pharmaceuticals during the 4th quarter worth about $39,447,000. Finally, MPM Bioimpact LLC acquired a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter worth about $33,260,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

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.