Madrigal Pharmaceuticals (NASDAQ:MDGL) Shares Gap Up Following Earnings Beat

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)’s stock price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $215.93, but opened at $245.66. Madrigal Pharmaceuticals shares last traded at $244.25, with a volume of 231,826 shares trading hands.

The biopharmaceutical company reported ($4.92) earnings per share for the quarter, beating the consensus estimate of ($6.94) by $2.02. The firm had revenue of $62.18 million during the quarter, compared to the consensus estimate of $34.60 million. During the same period in the prior year, the firm earned ($5.34) earnings per share.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MDGL. Citigroup dropped their price target on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Friday, October 11th. Evercore ISI decreased their price target on shares of Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. StockNews.com raised shares of Madrigal Pharmaceuticals to a “sell” rating in a research report on Saturday, October 12th. Finally, UBS Group raised their target price on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $344.33.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, CEO William John Sibold sold 6,363 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $243.83, for a total transaction of $1,551,490.29. Following the completion of the transaction, the chief executive officer now directly owns 55,887 shares in the company, valued at approximately $13,626,927.21. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 22.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of MDGL. First Horizon Advisors Inc. grew its position in Madrigal Pharmaceuticals by 1,633.3% in the 2nd quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company’s stock valued at $29,000 after buying an additional 98 shares in the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter worth approximately $41,000. Signaturefd LLC lifted its stake in shares of Madrigal Pharmaceuticals by 36.8% in the 2nd quarter. Signaturefd LLC now owns 145 shares of the biopharmaceutical company’s stock worth $41,000 after acquiring an additional 39 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Madrigal Pharmaceuticals by 47.6% in the third quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company’s stock valued at $45,000 after acquiring an additional 68 shares in the last quarter. Finally, Quest Partners LLC increased its stake in shares of Madrigal Pharmaceuticals by 5,225.0% during the second quarter. Quest Partners LLC now owns 213 shares of the biopharmaceutical company’s stock valued at $60,000 after acquiring an additional 209 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Madrigal Pharmaceuticals Trading Up 23.2 %

The company has a current ratio of 8.72, a quick ratio of 8.67 and a debt-to-equity ratio of 0.14. The company has a fifty day moving average of $227.40 and a 200 day moving average of $242.64.

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.