Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target Raised to $640.00 at Truist Financial

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price objective boosted by research analysts at Truist Financial from $580.00 to $640.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Truist Financial’s price objective would indicate a potential upside of 14.39% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, October 8th. UBS Group reissued a “buy” rating and issued a $523.00 price target (up from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. Oppenheimer upped their price objective on Madrigal Pharmaceuticals from $500.00 to $590.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Bank of America upgraded Madrigal Pharmaceuticals from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $266.00 to $445.00 in a research report on Monday, November 3rd. Finally, Cantor Fitzgerald upgraded shares of Madrigal Pharmaceuticals from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 4th. Thirteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Madrigal Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $544.17.

Madrigal Pharmaceuticals Stock Performance

Shares of Madrigal Pharmaceuticals stock traded up $0.51 during trading hours on Wednesday, hitting $559.50. 101,068 shares of the company were exchanged, compared to its average volume of 371,958. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $12.71 billion, a price-to-earnings ratio of -43.54 and a beta of -1.04. The business has a 50-day moving average of $450.08 and a 200-day moving average of $368.47. Madrigal Pharmaceuticals has a 1 year low of $265.00 and a 1 year high of $577.90.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.01) by ($3.07). Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. As a group, analysts expect that Madrigal Pharmaceuticals will post -23.47 EPS for the current fiscal year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 7,616 shares of the business’s stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $400.18, for a total value of $3,047,770.88. Following the completion of the transaction, the chief executive officer directly owned 109,753 shares in the company, valued at approximately $43,920,955.54. The trade was a 6.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard S. Levy sold 8,500 shares of the stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $520.96, for a total value of $4,428,160.00. Following the transaction, the director owned 21,197 shares in the company, valued at $11,042,789.12. This trade represents a 28.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 39,970 shares of company stock worth $18,746,944. Insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. Baker BROS. Advisors LP raised its position in shares of Madrigal Pharmaceuticals by 8.4% in the 3rd quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock worth $982,313,000 after buying an additional 165,683 shares during the period. Paulson & CO. Inc. grew its holdings in shares of Madrigal Pharmaceuticals by 2.8% during the 1st quarter. Paulson & CO. Inc. now owns 2,099,523 shares of the biopharmaceutical company’s stock worth $695,425,000 after purchasing an additional 57,523 shares during the period. William Blair Investment Management LLC raised its holdings in Madrigal Pharmaceuticals by 17.6% in the third quarter. William Blair Investment Management LLC now owns 411,802 shares of the biopharmaceutical company’s stock valued at $188,877,000 after buying an additional 61,513 shares during the period. Wellington Management Group LLP lifted its position in Madrigal Pharmaceuticals by 5,381.2% during the third quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock valued at $185,507,000 after buying an additional 397,076 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its position in Madrigal Pharmaceuticals by 96.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 376,163 shares of the biopharmaceutical company’s stock valued at $113,842,000 after buying an additional 184,554 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other 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.