Madrigal Pharmaceuticals (NASDAQ:MDGL) Shares Gap Up on Strong Earnings

Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $309.49, but opened at $335.00. Madrigal Pharmaceuticals shares last traded at $352.46, with a volume of 171,538 shares traded.

The biopharmaceutical company reported ($2.71) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($4.32) by $1.61.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. UBS Group raised their price objective on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a “buy” rating in a research note on Friday, November 1st. HC Wainwright raised their price target on Madrigal Pharmaceuticals from $390.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. JMP Securities reiterated a “market outperform” rating and issued a $427.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Friday, January 10th. B. Riley increased their price objective on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 20th. 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 stock. According to data from MarketBeat.com, Madrigal Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $351.67.

Insider Activity at Madrigal Pharmaceuticals

In related news, insider Carole Huntsman sold 347 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $335.24, for a total value of $116,328.28. Following the sale, the insider now directly owns 10,438 shares of the company’s stock, valued at approximately $3,499,235.12. This trade represents a 3.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William John Sibold sold 1,584 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $335.24, for a total value of $531,020.16. Following the completion of the transaction, the chief executive officer now owns 54,303 shares in the company, valued at approximately $18,204,537.72. This trade represents a 2.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,690 shares of company stock valued at $2,692,601. Company insiders own 22.80% of the company’s stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. GF Fund Management CO. LTD. purchased a new stake in Madrigal Pharmaceuticals during the 4th quarter worth approximately $141,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Madrigal Pharmaceuticals by 23.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 27,538 shares of the biopharmaceutical company’s stock valued at $8,497,000 after acquiring an additional 5,182 shares in the last quarter. Woodline Partners LP raised its holdings in Madrigal Pharmaceuticals by 110.2% in the fourth quarter. Woodline Partners LP now owns 309,117 shares of the biopharmaceutical company’s stock valued at $95,384,000 after acquiring an additional 162,027 shares in the last quarter. Vestal Point Capital LP boosted its stake in Madrigal Pharmaceuticals by 216.7% during the 4th quarter. Vestal Point Capital LP now owns 95,000 shares of the biopharmaceutical company’s stock valued at $29,314,000 after acquiring an additional 65,000 shares during the last quarter. Finally, Soleus Capital Management L.P. acquired a new position in Madrigal Pharmaceuticals during the 4th quarter worth $3,363,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

The company has a market cap of $7.67 billion, a P/E ratio of -14.04 and a beta of -0.38. The company’s 50-day moving average price is $320.09 and its two-hundred day moving average price is $282.67. 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 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.