Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL – Get Free Report) shot up 8.9% on Tuesday following a stronger than expected earnings report. The company traded as high as $482.73 and last traded at $469.5920. 211,168 shares traded hands during trading, a decline of 36% from the average daily volume of 328,699 shares. The stock had previously closed at $431.15.
The biopharmaceutical company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.09) by $2.92. Madrigal Pharmaceuticals had a negative net margin of 25.32% and a negative return on equity of 56.65%. The business had revenue of $431.27 million for the quarter, compared to analyst estimates of $404.17 million. During the same quarter in the previous year, the firm posted ($5.08) earnings per share.
Analyst Ratings Changes
Several analysts have issued reports on MDGL shares. Wells Fargo & Company initiated coverage on shares of Madrigal Pharmaceuticals in a research report on Monday, July 27th. They issued an “overweight” rating and a $685.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 31st. Wolfe Research upgraded shares of Madrigal Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $605.00 target price for the company in a research note on Tuesday, August 4th. Canaccord Genuity Group increased their target price on shares of Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Finally, UBS Group reissued a “buy” rating and set a $735.00 target price on shares of Madrigal Pharmaceuticals in a research report on Wednesday, October 14th. Fifteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Madrigal Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $699.20.
Check Out Our Latest Research Report on MDGL
Insider Transactions at Madrigal Pharmaceuticals
In related news, General Counsel Shannon T. Kelley sold 664 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $514.97, for a total value of $341,940.08. Following the sale, the general counsel owned 11,474 shares of the company’s stock, valued at $5,908,765.78. The trade was a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Sibold sold 6,362 shares of the company’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $535.59, for a total transaction of $3,407,423.58. Following the completion of the sale, the chief executive officer directly owned 202,967 shares in the company, valued at approximately $108,707,095.53. The trade was a 3.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 12,247 shares of company stock valued at $6,581,182 over the last ninety days. 17.60% of the stock is owned by insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Concurrent Investment Advisors LLC boosted its position in Madrigal Pharmaceuticals by 2.0% in the second quarter. Concurrent Investment Advisors LLC now owns 1,034 shares of the biopharmaceutical company’s stock valued at $555,000 after buying an additional 20 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in Madrigal Pharmaceuticals by 2.7% during the third quarter. Commonwealth Equity Services LLC now owns 1,664 shares of the biopharmaceutical company’s stock worth $839,000 after buying an additional 43 shares during the last quarter. ProShare Advisors LLC grew its stake in Madrigal Pharmaceuticals by 5.5% during the third quarter. ProShare Advisors LLC now owns 838 shares of the biopharmaceutical company’s stock worth $422,000 after buying an additional 44 shares during the last quarter. GAMMA Investing LLC grew its stake in Madrigal Pharmaceuticals by 35.4% during the second quarter. GAMMA Investing LLC now owns 172 shares of the biopharmaceutical company’s stock worth $92,000 after buying an additional 45 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings in shares of Madrigal Pharmaceuticals by 9.8% during the third quarter. Oppenheimer & Co. Inc. now owns 540 shares of the biopharmaceutical company’s stock worth $272,000 after buying an additional 48 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.
Madrigal Pharmaceuticals Trading Up 6.2%
The company’s fifty day moving average price is $496.95 and its two-hundred day moving average price is $499.47. The company has a quick ratio of 2.94, a current ratio of 3.20 and a debt-to-equity ratio of 0.65. The company has a market cap of $10.57 billion, a price-to-earnings ratio of -35.53 and a beta of -1.04.
About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing medicines for nonalcoholic steatohepatitis, now known as metabolic dysfunction-associated steatohepatitis (MASH), and other chronic liver diseases. The company is headquartered in West Conshohocken, Pennsylvania.
Madrigal’s lead product is Rezdiffra (resmetirom), an orally administered thyroid hormone receptor beta agonist designed to target key drivers of liver disease, including hepatic fat accumulation and fibrosis.
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