Madrigal Pharmaceuticals (NASDAQ:MDGL) Upgraded by Wells Fargo & Company to “Strong-Buy” Rating

Wells Fargo & Company upgraded shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) to a strong-buy rating in a report released on Monday,Zacks.com reports.

Several other research firms also recently weighed in on MDGL. Bank of America decreased their price objective on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating for the company in a report on Thursday, June 11th. Truist Financial upped their target price on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Citigroup reissued an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. Canaccord Genuity Group reduced their price objective on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $620.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $687.73.

Madrigal Pharmaceuticals Stock Up 1.2%

MDGL opened at $551.25 on Monday. Madrigal Pharmaceuticals has a one year low of $286.44 and a one year high of $615.00. 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 stock has a market capitalization of $12.71 billion, a P/E ratio of -43.07 and a beta of -1.05. The business’s 50-day simple moving average is $516.68 and its 200-day simple moving average is $499.64.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.61) by $0.36. The firm had revenue of $311.34 million during the quarter, compared to analysts’ expectations of $301.05 million. Madrigal Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 27.32%.The business’s revenue was up 126.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($3.32) EPS. Analysts anticipate that Madrigal Pharmaceuticals will post -7.45 EPS for the current year.

Insiders Place Their Bets

In related news, Director Richard S. Levy sold 5,682 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $515.44, for a total transaction 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 represents a 20.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the firm’s stock in a transaction dated 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 sale, the insider owned 10,033 shares of the company’s stock, valued at approximately $4,973,759.42. The trade was a 9.41% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 7,568 shares of company stock valued at $3,880,711. 17.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in MDGL. Janus Henderson Group PLC raised its stake in shares of Madrigal Pharmaceuticals by 27.4% during the 1st quarter. Janus Henderson Group PLC now owns 2,018,647 shares of the biopharmaceutical company’s stock worth $1,051,727,000 after buying an additional 433,804 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Madrigal Pharmaceuticals by 14.1% in the fourth quarter. Wellington Management Group LLP now owns 461,402 shares of the biopharmaceutical company’s stock valued at $268,693,000 after buying an additional 56,947 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Madrigal Pharmaceuticals by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 451,743 shares of the biopharmaceutical company’s stock valued at $263,114,000 after buying an additional 5,510 shares in the last quarter. Invesco Ltd. grew its holdings in Madrigal Pharmaceuticals by 21.9% during the fourth quarter. Invesco Ltd. now owns 365,314 shares of the biopharmaceutical company’s stock worth $212,737,000 after acquiring an additional 65,749 shares during the period. Finally, Bank of America Corp DE grew its holdings in Madrigal Pharmaceuticals by 12.7% during the second quarter. Bank of America Corp DE now owns 277,221 shares of the biopharmaceutical company’s stock worth $83,898,000 after acquiring an additional 31,260 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

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.