Raymond James Lowers Madrigal Pharmaceuticals (MDGL) to Underperform
Raymond James lowered shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) from a market perform rating to an underperform rating in a report issued on Monday morning, Marketbeat reports.
A number of other research analysts have also commented on the stock. BidaskClub lowered shares of Madrigal Pharmaceuticals from a sell rating to a strong sell rating in a research report on Saturday. Evercore ISI upgraded shares of Madrigal Pharmaceuticals from an in-line rating to an outperform rating and boosted their price target for the company from $222.00 to $250.00 in a research report on Friday. Oppenheimer set a $300.00 price target on shares of Madrigal Pharmaceuticals and gave the company a buy rating in a research report on Tuesday, November 13th. Cowen reiterated a buy rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 7th. Finally, Citigroup began coverage on shares of Madrigal Pharmaceuticals in a research report on Tuesday, September 4th. They issued a buy rating and a $340.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $297.63.
MDGL opened at $120.50 on Monday. The firm has a market cap of $2.00 billion, a PE ratio of -47.44 and a beta of 1.56. Madrigal Pharmaceuticals has a one year low of $40.28 and a one year high of $325.98.
In other Madrigal Pharmaceuticals news, CEO Paul A. Friedman purchased 4,000 shares of the business’s stock in a transaction on Monday, November 19th. The stock was acquired at an average cost of $124.00 per share, for a total transaction of $496,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Fred B. Craves purchased 2,000 shares of the business’s stock in a transaction on Monday, November 19th. The shares were acquired at an average price of $124.69 per share, with a total value of $249,380.00. The disclosure for this purchase can be found here. 56.70% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Meeder Asset Management Inc. raised its stake in shares of Madrigal Pharmaceuticals by 296.4% during the second quarter. Meeder Asset Management Inc. now owns 436 shares of the biopharmaceutical company’s stock valued at $122,000 after acquiring an additional 326 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Madrigal Pharmaceuticals during the second quarter valued at about $124,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Madrigal Pharmaceuticals during the second quarter valued at about $140,000. Public Employees Retirement Association of Colorado bought a new position in shares of Madrigal Pharmaceuticals during the third quarter valued at about $157,000. Finally, Zeke Capital Advisors LLC bought a new position in shares of Madrigal Pharmaceuticals during the second quarter valued at about $208,000. Institutional investors and hedge funds own 54.29% of the company’s stock.
About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. The company's lead candidate is MGL-3196, an orally administered, small-molecule, liver-directed, thyroid hormone receptor (THR) ß-selective agonist, which is in Phase II clinical trials for the treatment of non-alcoholic steatohepatitis and heterozygous familial hypercholesterolemia.
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