Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Given Average Rating of “Moderate Buy” by Brokerages

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) has received a consensus recommendation of “Moderate Buy” from the eighteen brokerages that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and fifteen have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $699.6429.

MDGL has been the topic of several recent research reports. Bank of America cut their target price on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a research report on Thursday, June 11th. Barclays decreased their price target on shares of Madrigal Pharmaceuticals from $964.00 to $962.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. Citigroup reiterated an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. HC Wainwright reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 31st. Finally, UBS Group reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 31st.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL stock opened at $541.08 on Monday. The business’s 50-day moving average price is $529.90 and its 200-day moving average price is $505.30. Madrigal Pharmaceuticals has a 12 month low of $393.61 and a 12 month high of $615.00. The firm has a market capitalization of $12.50 billion, a price-to-earnings ratio of -41.98 and a beta of -0.98. The company has a current ratio of 3.20, a quick ratio of 2.94 and a debt-to-equity ratio of 0.65.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share for the quarter, topping the consensus estimate of ($2.68) by $0.69. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.The company had revenue of $364.25 million for the quarter, compared to analysts’ expectations of $352.13 million. During the same period in the previous year, the business posted ($1.90) earnings per share. The business’s quarterly revenue was up 71.2% compared to the same quarter last year. Equities research analysts forecast that Madrigal Pharmaceuticals will post -7.03 EPS for the current year.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, General Counsel Shannon Kelley sold 664 shares of Madrigal Pharmaceuticals stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $514.97, for a total transaction of $341,940.08. Following the transaction, the general counsel directly owned 11,474 shares of the company’s stock, valued at approximately $5,908,765.78. The trade was a 5.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the stock. J. Goldman & Co LP acquired a new position in shares of Madrigal Pharmaceuticals during the second quarter valued at about $2,722,000. Royal Bank of Canada grew its stake in shares of Madrigal Pharmaceuticals by 22.5% in the 1st quarter. Royal Bank of Canada now owns 12,526 shares of the biopharmaceutical company’s stock valued at $6,557,000 after buying an additional 2,303 shares during the period. Jefferies Financial Group Inc. bought a new stake in Madrigal Pharmaceuticals in the 4th quarter valued at about $1,339,000. State of Wyoming bought a new stake in Madrigal Pharmaceuticals in the 2nd quarter valued at about $1,294,000. Finally, Penn Capital Management Company LLC acquired a new position in Madrigal Pharmaceuticals during the 4th quarter worth approximately $1,719,000. 98.50% of the stock is currently owned by institutional investors.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company’s pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-? agonist in Phase 3 development for the treatment of NASH.