Madrigal Pharmaceuticals (NASDAQ:MDGL) Shares Down 5.8% – Here’s What Happened

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)’s stock price fell 5.8% during trading on Wednesday . The stock traded as low as $319.40 and last traded at $319.40. 193,017 shares were traded during mid-day trading, a decline of 56% from the average session volume of 440,956 shares. The stock had previously closed at $339.04.

Analyst Upgrades and Downgrades

A number of analysts recently commented on MDGL shares. UBS Group lifted their price target on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a report on Friday, November 1st. B. Riley raised their price objective on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. HC Wainwright reiterated a “buy” rating and issued a $390.00 target price on shares of Madrigal Pharmaceuticals in a research note on Tuesday, October 22nd. Cantor Fitzgerald reiterated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, October 11th. Finally, Evercore ISI cut their target price on shares of Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Madrigal Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $347.33.

Madrigal Pharmaceuticals Stock Performance

The stock’s fifty day moving average price is $241.81 and its 200 day moving average price is $249.83. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share for the quarter, beating analysts’ consensus estimates of ($6.94) by $2.02. The firm had revenue of $62.18 million for the quarter, compared to analysts’ expectations of $34.60 million. During the same quarter in the previous year, the business earned ($5.34) EPS. Research analysts expect that Madrigal Pharmaceuticals, Inc. will post -24.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard S. Levy sold 5,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $300.94, for a total value of $1,504,700.00. Following the completion of the sale, the director now owns 11,012 shares of the company’s stock, valued at approximately $3,313,951.28. The trade was a 31.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William John Sibold sold 6,363 shares of the firm’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 value of $1,551,490.29. Following the transaction, the chief executive officer now owns 55,887 shares in the company, valued at approximately $13,626,927.21. The trade was a 10.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 22.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MDGL. Oppenheimer Asset Management Inc. boosted its position in Madrigal Pharmaceuticals by 2.1% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 1,507 shares of the biopharmaceutical company’s stock valued at $320,000 after buying an additional 31 shares during the period. Signaturefd LLC raised its stake in shares of Madrigal Pharmaceuticals by 36.8% during the second quarter. Signaturefd LLC now owns 145 shares of the biopharmaceutical company’s stock valued at $41,000 after acquiring an additional 39 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Madrigal Pharmaceuticals by 1.8% during the third quarter. Victory Capital Management Inc. now owns 2,292 shares of the biopharmaceutical company’s stock worth $486,000 after purchasing an additional 40 shares during the period. Nisa Investment Advisors LLC grew its stake 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 worth $45,000 after purchasing an additional 68 shares during the last quarter. Finally, Creative Planning increased its holdings in Madrigal Pharmaceuticals by 2.7% during the 3rd quarter. Creative Planning now owns 3,299 shares of the biopharmaceutical company’s stock valued at $700,000 after purchasing an additional 87 shares during the period. Institutional investors own 98.50% of the company’s stock.

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.