Brokerages Set Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) PT at $687.93

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) has received a consensus rating 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, three have issued a hold recommendation, thirteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $687.9286.

MDGL has been the topic of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, April 21st. Citigroup restated a “market outperform” rating on shares of Madrigal Pharmaceuticals in a report on Monday, June 1st. HC Wainwright restated a “buy” rating and issued a $620.00 price target on shares of Madrigal Pharmaceuticals in a report on Wednesday, May 6th. Bank of America decreased their price objective on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating for the company in a research report on Thursday, June 11th. Finally, Evercore set a $649.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Thursday, May 7th.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Richard S. Levy sold 5,682 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $515.44, for a total value of $2,928,730.08. Following the completion of the transaction, the director directly owned 22,015 shares of the company’s stock, valued at $11,347,411.60. This trade represents a 20.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $495.74, for a total transaction of $516,561.08. Following the completion of the transaction, the insider directly owned 10,033 shares of the company’s stock, valued at $4,973,759.42. The trade was a 9.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 7,568 shares of company stock valued at $3,880,711 over the last ninety days. 17.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Flagship Harbor Advisors LLC purchased a new position in shares of Madrigal Pharmaceuticals in the 4th quarter valued at approximately $29,000. Aventura Private Wealth LLC purchased a new position in shares of Madrigal Pharmaceuticals in the 4th quarter valued at approximately $36,000. Kemnay Advisory Services Inc. purchased a new position in shares of Madrigal Pharmaceuticals in the 4th quarter valued at approximately $39,000. Aster Capital Management DIFC Ltd purchased a new position in Madrigal Pharmaceuticals during the 3rd quarter worth approximately $39,000. Finally, Eastern Bank raised its position in Madrigal Pharmaceuticals by 32.3% during the 4th quarter. Eastern Bank now owns 86 shares of the biopharmaceutical company’s stock worth $50,000 after buying an additional 21 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Price Performance

NASDAQ:MDGL opened at $505.75 on Tuesday. Madrigal Pharmaceuticals has a fifty-two week low of $276.67 and a fifty-two week high of $615.00. The stock has a market capitalization of $11.66 billion, a P/E ratio of -39.51 and a beta of -1.07. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.16 and a current ratio of 3.50. The company’s 50-day simple moving average is $509.61 and its 200-day simple moving average is $507.96.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The business had revenue of $311.34 million for the quarter, compared to analysts’ expectations of $301.05 million. During the same period last year, the business earned ($3.32) EPS. The company’s revenue was up 126.8% compared to the same quarter last year. On average, equities analysts anticipate that Madrigal Pharmaceuticals will post -7.3 earnings per share for the current fiscal year.

Madrigal Pharmaceuticals Company Profile

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-β agonist in Phase 3 development for the treatment of NASH.