Madrigal Pharmaceuticals (NASDAQ:MDGL) Sees Strong Trading Volume After Strong Earnings

Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) saw unusually-high trading volume on Friday after the company announced better than expected quarterly earnings. Approximately 560,141 shares changed hands during mid-day trading, an increase of 32% from the previous session’s volume of 424,895 shares.The stock last traded at $289.60 and had previously closed at $259.34.

The biopharmaceutical company reported ($4.92) earnings per share (EPS) for the quarter, beating the consensus estimate of ($6.94) by $2.02. The business 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 company earned ($5.34) earnings per share.

Analyst Ratings Changes

MDGL has been the subject of a number of recent research reports. Citigroup cut their price objective on shares of Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Cantor Fitzgerald restated a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Friday, October 11th. Evercore ISI decreased their price objective on shares of Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. JMP Securities raised their target price on shares of Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the stock a “market outperform” rating in a research report on Tuesday, July 16th. Finally, Oppenheimer decreased their price objective on Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $341.75.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 6,363 shares of Madrigal Pharmaceuticals 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 sale, the chief executive officer now owns 55,887 shares of the company’s stock, valued at approximately $13,626,927.21. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 22.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Madrigal Pharmaceuticals by 106.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 803,213 shares of the biopharmaceutical company’s stock valued at $214,491,000 after acquiring an additional 414,484 shares in the last quarter. Fiera Capital Corp acquired a new position in shares of Madrigal Pharmaceuticals in the 2nd quarter worth approximately $32,335,000. Avoro Capital Advisors LLC increased its holdings in shares of Madrigal Pharmaceuticals by 5.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 2,055,555 shares of the biopharmaceutical company’s stock valued at $575,884,000 after acquiring an additional 111,111 shares during the last quarter. Artal Group S.A. acquired a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter valued at approximately $29,510,000. Finally, Point72 Asset Management L.P. lifted its stake in Madrigal Pharmaceuticals by 172.6% during the second quarter. Point72 Asset Management L.P. now owns 40,958 shares of the biopharmaceutical company’s stock worth $11,475,000 after purchasing an additional 97,387 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Trading Up 11.4 %

The stock has a market cap of $6.27 billion, a P/E ratio of -11.55 and a beta of -0.44. The firm’s 50 day simple moving average is $226.07 and its two-hundred day simple moving average is $242.02. The company has a quick ratio of 8.67, a current ratio of 8.72 and a debt-to-equity ratio of 0.14.

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.