JMP Securities Reiterates “Market Outperform” Rating for Madrigal Pharmaceuticals (NASDAQ:MDGL)

Madrigal Pharmaceuticals (NASDAQ:MDGL)‘s stock had its “market outperform” rating reaffirmed by JMP Securities in a research report issued on Thursday,Benzinga reports. They presently have a $443.00 price target on the biopharmaceutical company’s stock. JMP Securities’ price objective suggests a potential upside of 35.56% from the company’s current price.

Several other equities analysts also recently commented on the company. HC Wainwright increased their target price on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Citigroup lifted their target price on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. Finally, B. Riley upgraded shares of Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and upped their price target for the company from $236.00 to $422.00 in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $409.00.

Madrigal Pharmaceuticals Trading Up 2.1 %

MDGL opened at $326.79 on Thursday. The company has a market cap of $7.22 billion, a P/E ratio of -13.03 and a beta of -0.69. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. The company’s 50 day moving average is $325.91 and its 200-day moving average is $309.95. Madrigal Pharmaceuticals has a 1-year low of $189.00 and a 1-year high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share for the quarter, beating analysts’ consensus estimates of ($4.32) by $1.61. The company had revenue of $103.32 million during the quarter, compared to analyst estimates of $97.81 million. Equities research analysts predict that Madrigal Pharmaceuticals will post -23.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director James M. Daly sold 15,470 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $347.45, for a total transaction of $5,375,051.50. Following the completion of the sale, the director now owns 1,912 shares of the company’s stock, valued at $664,324.40. This trade represents a 89.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Robert E. Waltermire sold 14,113 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $341.32, for a total value of $4,817,049.16. Following the completion of the transaction, the vice president now directly owns 3,728 shares in the company, valued at approximately $1,272,440.96. This trade represents a 79.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,810 shares of company stock worth $10,610,594. Company insiders own 22.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MDGL. William Blair Investment Management LLC bought a new position in shares of Madrigal Pharmaceuticals during the 4th quarter worth about $114,717,000. Woodline Partners LP boosted its holdings in Madrigal Pharmaceuticals by 110.2% in the fourth quarter. Woodline Partners LP now owns 309,117 shares of the biopharmaceutical company’s stock worth $95,384,000 after acquiring an additional 162,027 shares in the last quarter. Hood River Capital Management LLC acquired a new stake in Madrigal Pharmaceuticals in the fourth quarter valued at approximately $39,447,000. Renaissance Technologies LLC increased its holdings in shares of Madrigal Pharmaceuticals by 261.3% during the fourth quarter. Renaissance Technologies LLC now owns 160,782 shares of the biopharmaceutical company’s stock valued at $49,613,000 after acquiring an additional 116,285 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Madrigal Pharmaceuticals during the fourth quarter worth approximately $35,514,000. 98.50% of the stock is owned by institutional investors.

About Madrigal Pharmaceuticals

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.