Madrigal Pharmaceuticals (NASDAQ:MDGL) Trading Up 7.4% – Here’s Why

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)’s share price traded up 7.4% during trading on Friday . The stock traded as high as $277.96 and last traded at $293.05. 200,354 shares traded hands during trading, a decline of 53% from the average session volume of 428,451 shares. The stock had previously closed at $272.79.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MDGL. B. Riley upped their price target on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Cantor Fitzgerald restated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 20th. Oppenheimer lowered their price target on Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. JMP Securities reaffirmed a “market outperform” rating and set a $427.00 target price on shares of Madrigal Pharmaceuticals in a research note on Friday, January 10th. Finally, UBS Group boosted their price target on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $351.67.

Madrigal Pharmaceuticals Price Performance

The company has a market cap of $6.38 billion, a PE ratio of -11.70 and a beta of -0.36. The stock has a fifty day moving average price of $315.33 and a 200-day moving average price of $272.58. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share 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 period last year, the firm earned ($5.34) EPS. On average, equities analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.77 earnings per share for the current year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, Director Fred B. Craves sold 3,400 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $350.30, for a total value of $1,191,020.00. Following the transaction, the director now directly owns 14,600 shares of the company’s stock, valued at approximately $5,114,380. This represents a 18.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard S. Levy sold 5,000 shares of the stock in a transaction on 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 sale, the director now owns 11,012 shares of the company’s stock, valued at approximately $3,313,951.28. This represents a 31.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,000 shares of company stock worth $3,830,836. 22.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Large investors have recently made changes to their positions in the company. Commonwealth Equity Services LLC lifted its stake in Madrigal Pharmaceuticals by 116.8% in the second 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 last quarter. Victory Capital Management Inc. raised 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 valued at $631,000 after purchasing an additional 124 shares in the last quarter. Quest Partners LLC lifted its stake in shares of Madrigal Pharmaceuticals by 5,225.0% in the 2nd quarter. Quest Partners LLC now owns 213 shares of the biopharmaceutical company’s stock valued at $60,000 after purchasing an additional 209 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Madrigal Pharmaceuticals in the second quarter worth $414,000. Finally, Envestnet Asset Management Inc. increased its position in Madrigal Pharmaceuticals by 198.8% during the second quarter. Envestnet Asset Management Inc. now owns 14,454 shares of the biopharmaceutical company’s stock worth $4,049,000 after buying an additional 9,616 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

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.