Madrigal Pharmaceuticals (NASDAQ:MDGL) Stock Rating Upgraded by B. Riley

B. Riley upgraded shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) from a hold rating to a strong-buy rating in a report issued on Thursday,Zacks.com reports.

A number of other brokerages have also recently commented on MDGL. JMP Securities reaffirmed a “market outperform” rating and set a $427.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Friday, January 10th. HC Wainwright upped their target price on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a “buy” rating in a research note on Thursday. UBS Group boosted their price target on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a “buy” rating in a report on Friday, November 1st. Cantor Fitzgerald reiterated a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, November 20th. Finally, Citigroup increased their target price on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a “buy” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Madrigal Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $360.25.

Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ:MDGL opened at $335.74 on Thursday. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. Madrigal Pharmaceuticals has a 1-year low of $189.00 and a 1-year high of $377.46. The stock has a market capitalization of $7.32 billion, a P/E ratio of -13.39 and a beta of -0.38. The business has a 50-day moving average price of $321.42 and a two-hundred day moving average price of $283.69.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share for the quarter, topping analysts’ consensus estimates of ($4.32) by $1.61. The business had revenue of $103.32 million for the quarter, compared to the consensus estimate of $97.81 million. Equities analysts predict that Madrigal Pharmaceuticals will post -23.47 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Robert E. Waltermire sold 103 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $335.24, for a total value of $34,529.72. Following the completion of the sale, the vice president now directly owns 4,955 shares in the company, valued at approximately $1,661,114.20. This trade represents a 2.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Fred B. Craves sold 3,600 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $315.31, for a total value of $1,135,116.00. Following the transaction, the director now directly owns 11,000 shares in the company, valued at approximately $3,468,410. This trade represents a 24.66 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,690 shares of company stock worth $2,692,601. Corporate insiders own 22.80% of the company’s stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. boosted its holdings in shares of Madrigal Pharmaceuticals by 2.1% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 1,507 shares of the biopharmaceutical company’s stock worth $320,000 after buying an additional 31 shares during the period. Pitcairn Co. boosted its holdings in shares of Madrigal Pharmaceuticals by 3.2% during the fourth quarter. Pitcairn Co. now owns 1,060 shares of the biopharmaceutical company’s stock worth $327,000 after acquiring an additional 33 shares during the period. 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 acquiring an additional 40 shares during the period. Sanctuary Advisors LLC grew its position in shares of Madrigal Pharmaceuticals by 5.2% in the fourth quarter. Sanctuary Advisors LLC now owns 1,247 shares of the biopharmaceutical company’s stock valued at $422,000 after purchasing an additional 62 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in Madrigal Pharmaceuticals by 47.6% during the 3rd 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. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.