Madrigal Pharmaceuticals (MDGL) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) from a buy rating to a hold rating in a report released on Tuesday.

According to Zacks, “Madrigal Pharmaceuticals, Inc. is engaged in developing small-molecule drugs addressing cardiovascular and metabolic diseases. Its products pipeline include MGL-3196, an orally administered liver-directed thyroid hormone receptor-ß agonist that is used for the treatment of NASH, dyslipidemia/hypercholesterolemia and high triglycerides; and MGL-3745, a thyroid hormone receptor-ß agonist which are in pre-clinical trial stage. Madrigal Pharmaceuticals Inc., formerly known as Synta Pharmaceuticals Corp., is based in Fort Washington, Pennsylvania. “

Other research analysts also recently issued reports about the stock. Evercore ISI raised their price objective on shares of Madrigal Pharmaceuticals from $65.00 to $140.00 and gave the stock an outperform rating in a research report on Thursday, December 7th. HC Wainwright lifted their target price on shares of Madrigal Pharmaceuticals from $54.00 to $105.00 and gave the company a buy rating in a report on Wednesday, December 6th. JMP Securities lifted their target price on shares of Madrigal Pharmaceuticals from $63.00 to $125.00 and gave the company an outperform rating in a report on Wednesday, December 6th. Finally, Roth Capital began coverage on shares of Madrigal Pharmaceuticals in a report on Thursday, October 19th. They issued a buy rating and a $62.00 target price on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $129.00.

Shares of Madrigal Pharmaceuticals (NASDAQ MDGL) traded up $8.16 during trading on Tuesday, reaching $107.00. 253,562 shares of the company’s stock traded hands, compared to its average volume of 285,117. Madrigal Pharmaceuticals has a 52 week low of $13.09 and a 52 week high of $109.97. The stock has a market cap of $1,500.00, a P/E ratio of -43.50 and a beta of 0.80.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Thursday, November 9th. The biopharmaceutical company reported ($0.68) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.79) by $0.11. analysts expect that Madrigal Pharmaceuticals will post -2.57 EPS for the current year.

Large investors have recently modified their holdings of the company. Victory Capital Management Inc. purchased a new stake in Madrigal Pharmaceuticals during the third quarter worth about $2,274,000. State Street Corp purchased a new stake in Madrigal Pharmaceuticals during the second quarter worth about $539,000. Northern Trust Corp boosted its holdings in Madrigal Pharmaceuticals by 151.2% during the second quarter. Northern Trust Corp now owns 50,069 shares of the biopharmaceutical company’s stock worth $814,000 after buying an additional 30,134 shares in the last quarter. VHCP Management II LLC purchased a new stake in Madrigal Pharmaceuticals during the third quarter worth about $1,349,000. Finally, Schwab Charles Investment Management Inc. purchased a new stake in Madrigal Pharmaceuticals during the second quarter worth about $225,000. 19.10% of the stock is currently owned by institutional investors and hedge funds.

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About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc, formerly Synta Pharmaceuticals Corp., is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular-metabolic diseases and nonalcoholic steatohepatitis (NASH). The Company’s lead product, MGL-3196, is a Phase II-ready once-daily, oral, liver-directed selective thyroid hormone receptor-b (THR-b) agonist for the treatment of NASH, and heterozygous and homozygous familial hypercholesterolemia (FH).

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