Canaccord Genuity Group Raises Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target to $377.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its target price lifted by Canaccord Genuity Group from $338.00 to $377.00 in a research report released on Friday morning, Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

MDGL has been the subject of a number of other research reports. StockNews.com upgraded Madrigal Pharmaceuticals to a sell rating in a research report on Wednesday, February 7th. Oppenheimer increased their target price on Madrigal Pharmaceuticals from $320.00 to $375.00 and gave the stock an outperform rating in a research report on Friday. Citigroup increased their target price on Madrigal Pharmaceuticals from $382.00 to $389.00 and gave the stock a buy rating in a research report on Friday. UBS Group increased their target price on Madrigal Pharmaceuticals from $337.00 to $410.00 and gave the stock a buy rating in a research report on Friday. Finally, B. Riley upgraded Madrigal Pharmaceuticals from a sell rating to a neutral rating and increased their target price for the stock from $155.00 to $270.00 in a research report on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, Madrigal Pharmaceuticals currently has a consensus rating of Moderate Buy and a consensus target price of $369.40.

Madrigal Pharmaceuticals Trading Up 4.8 %

Shares of MDGL traded up $12.86 during mid-day trading on Friday, hitting $283.23. 963,934 shares of the company’s stock traded hands, compared to its average volume of 578,717. The company has a quick ratio of 5.38, a current ratio of 5.38 and a debt-to-equity ratio of 0.28. Madrigal Pharmaceuticals has a 1 year low of $119.76 and a 1 year high of $322.67. The firm has a market capitalization of $5.64 billion, a P/E ratio of -14.20 and a beta of -0.48. The business’s 50-day moving average price is $233.69 and its 200-day moving average price is $197.62.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings results on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) earnings per share for the quarter, missing the consensus estimate of ($5.26) by ($0.42). During the same period in the prior year, the firm earned ($4.98) earnings per share. As a group, sell-side analysts forecast that Madrigal Pharmaceuticals will post -21.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its stake in shares of Madrigal Pharmaceuticals by 21.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,060 shares of the biopharmaceutical company’s stock valued at $301,000 after purchasing an additional 367 shares during the last quarter. Glenmede Trust Co. NA lifted its stake in shares of Madrigal Pharmaceuticals by 53.2% during the 3rd quarter. Glenmede Trust Co. NA now owns 1,567 shares of the biopharmaceutical company’s stock worth $229,000 after acquiring an additional 544 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new stake in shares of Madrigal Pharmaceuticals during the 3rd quarter worth approximately $314,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Madrigal Pharmaceuticals by 11.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,501 shares of the biopharmaceutical company’s stock worth $15,992,000 after acquiring an additional 11,083 shares during the last quarter. Finally, RA Capital Management L.P. bought a new stake in shares of Madrigal Pharmaceuticals during the 3rd quarter worth approximately $29,865,000. Hedge funds and other institutional investors own 79.86% of the company’s stock.

Madrigal Pharmaceuticals Company Profile

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.