Madrigal Pharmaceuticals’ (MDGL) “Market Outperform” Rating Reaffirmed at JMP Securities

Madrigal Pharmaceuticals (NASDAQ:MDGL)‘s stock had its “market outperform” rating reiterated by research analysts at JMP Securities in a note issued to investors on Friday,Benzinga reports. They currently have a $427.00 price objective on the biopharmaceutical company’s stock. JMP Securities’ price objective would suggest a potential upside of 29.90% from the stock’s previous close.

A number of other research firms have also recently commented on MDGL. UBS Group lifted their price target on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a report on Friday, November 1st. StockNews.com raised shares of Madrigal Pharmaceuticals to a “sell” rating in a report on Saturday, October 12th. Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, November 20th. HC Wainwright reissued a “buy” rating and set a $390.00 target price on shares of Madrigal Pharmaceuticals in a report on Tuesday, October 22nd. Finally, B. Riley boosted their target price on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $350.83.

Madrigal Pharmaceuticals Stock Down 1.4 %

Shares of MDGL traded down $4.67 during trading hours on Friday, hitting $328.72. The stock had a trading volume of 46,643 shares, compared to its average volume of 227,329. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93. The firm has a 50 day simple moving average of $319.69 and a 200-day simple moving average of $272.17. The firm has a market capitalization of $7.17 billion, a P/E ratio of -13.11 and a beta of -0.36. Madrigal Pharmaceuticals has a 1-year low of $168.25 and a 1-year high of $368.29.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($6.94) by $2.02. The company had revenue of $62.18 million for the quarter, compared to analyst estimates of $34.60 million. During the same quarter last year, the firm posted ($5.34) EPS. Sell-side analysts predict that Madrigal Pharmaceuticals will post -23.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, Director Richard S. Levy sold 5,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $300.94, for a total transaction of $1,504,700.00. Following the completion of the transaction, the director now owns 11,012 shares of the company’s stock, valued at $3,313,951.28. This trade represents a 31.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Fred B. Craves sold 3,600 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $315.31, for a total transaction of $1,135,116.00. Following the completion of the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $3,468,410. The trade was a 24.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,000 shares of company stock valued at $3,830,836. Insiders own 22.80% of the company’s stock.

Institutional Trading of Madrigal Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its holdings in shares of Madrigal Pharmaceuticals by 116.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 2,068 shares of the biopharmaceutical company’s stock valued at $579,000 after acquiring an additional 1,114 shares during the period. Rhumbline Advisers lifted its holdings in shares of Madrigal Pharmaceuticals by 19.9% during the 2nd quarter. Rhumbline Advisers now owns 25,351 shares of the biopharmaceutical company’s stock worth $7,102,000 after acquiring an additional 4,209 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Madrigal Pharmaceuticals by 5.8% during the 2nd quarter. Victory Capital Management Inc. now owns 2,252 shares of the biopharmaceutical company’s stock worth $631,000 after acquiring an additional 124 shares during the period. Arizona State Retirement System raised its holdings in Madrigal Pharmaceuticals by 8.3% in the second quarter. Arizona State Retirement System now owns 3,525 shares of the biopharmaceutical company’s stock valued at $988,000 after buying an additional 270 shares during the period. Finally, Quest Partners LLC grew its position in Madrigal Pharmaceuticals by 5,225.0% in 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 in the last quarter. Institutional investors and hedge funds 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.