Madrigal Pharmaceuticals (NASDAQ:MDGL) Shares Down 6%

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)’s share price dropped 6% during trading on Wednesday . The company traded as low as $204.60 and last traded at $205.20. Approximately 351,797 shares traded hands during trading, a decline of 33% from the average daily volume of 525,044 shares. The stock had previously closed at $218.38.

Analysts Set New Price Targets

MDGL has been the topic of a number of recent analyst reports. TD Cowen lifted their price target on Madrigal Pharmaceuticals from $349.00 to $390.00 and gave the stock an “outperform” rating in a report on Friday, March 15th. Citigroup lifted their price target on Madrigal Pharmaceuticals from $382.00 to $389.00 and gave the stock a “buy” rating in a report on Friday, March 15th. StockNews.com upgraded Madrigal Pharmaceuticals to a “sell” rating in a report on Friday, April 12th. HC Wainwright upped their price target on Madrigal Pharmaceuticals from $405.00 to $425.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $336.00 price target on shares of Madrigal Pharmaceuticals in a research report on Thursday, March 14th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $356.73.

Madrigal Pharmaceuticals Price Performance

The business has a fifty day moving average of $243.29 and a 200-day moving average of $212.18. The firm has a market cap of $3.85 billion, a PE ratio of -9.70 and a beta of -0.47. The company has a current ratio of 5.38, a quick ratio of 5.38 and a debt-to-equity ratio of 0.28.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($5.26) by ($0.42). During the same period last year, the firm earned ($4.98) earnings per share. As a group, research analysts predict that Madrigal Pharmaceuticals, Inc. will post -21.86 earnings per share for the current year.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, CMO Rebecca Taub sold 2,676 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $245.99, for a total value of $658,269.24. Following the transaction, the chief marketing officer now directly owns 458,999 shares in the company, valued at approximately $112,909,164.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Madrigal Pharmaceuticals news, CMO Rebecca Taub sold 2,676 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $245.99, for a total value of $658,269.24. Following the transaction, the chief marketing officer now directly owns 458,999 shares in the company, valued at approximately $112,909,164.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul A. Friedman sold 26,270 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $246.19, for a total value of $6,467,411.30. Following the completion of the transaction, the director now owns 185,735 shares in the company, valued at $45,726,099.65. The disclosure for this sale can be found here. In the last quarter, insiders have sold 146,496 shares of company stock valued at $31,362,420. Corporate insiders own 23.92% of the company’s stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in MDGL. SG Americas Securities LLC bought a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at about $648,000. Exchange Traded Concepts LLC increased its position in shares of Madrigal Pharmaceuticals by 289.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 655 shares of the biopharmaceutical company’s stock valued at $96,000 after purchasing an additional 487 shares during the last quarter. Raymond James & Associates increased its position in shares of Madrigal Pharmaceuticals by 34.9% during the 3rd quarter. Raymond James & Associates now owns 20,451 shares of the biopharmaceutical company’s stock valued at $2,987,000 after purchasing an additional 5,295 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Madrigal Pharmaceuticals by 4.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 58,786 shares of the biopharmaceutical company’s stock valued at $8,585,000 after purchasing an additional 2,288 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Madrigal Pharmaceuticals by 16.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,039 shares of the biopharmaceutical company’s stock valued at $298,000 after purchasing an additional 284 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

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.