Madrigal Pharmaceuticals’ (MDGL) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) in a research note released on Friday morning,Benzinga reports. They currently have a $427.00 price objective on the biopharmaceutical company’s stock.

Several other brokerages have also recently issued reports on MDGL. StockNews.com upgraded Madrigal Pharmaceuticals to a “sell” rating in a research note on Saturday, October 12th. UBS Group lifted their price target on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a “buy” rating in a report on Friday, November 1st. Oppenheimer cut their target price on shares of Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. B. Riley lifted their target price on Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Finally, HC Wainwright reissued a “buy” rating and issued a $390.00 price target on shares of Madrigal Pharmaceuticals in a report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $350.83.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL stock opened at $338.91 on Friday. The firm has a fifty day moving average of $320.07 and a two-hundred day moving average of $272.56. The firm has a market cap of $7.39 billion, a P/E ratio of -13.51 and a beta of -0.36. Madrigal Pharmaceuticals has a 1-year low of $168.25 and a 1-year high of $368.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) EPS for the quarter, topping analysts’ consensus estimates of ($6.94) by $2.02. The firm had revenue of $62.18 million during the quarter, compared to analyst estimates of $34.60 million. During the same quarter last year, the business posted ($5.34) earnings per share. As a group, research analysts anticipate that Madrigal Pharmaceuticals will post -23.77 earnings per share for the current fiscal year.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Fred B. Craves sold 3,600 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $315.31, for a total transaction of $1,135,116.00. Following the completion of the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $3,468,410. This trade represents a 24.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard S. Levy sold 5,000 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $300.94, for a total value of $1,504,700.00. Following the completion of the sale, the director now directly owns 11,012 shares in the company, valued at $3,313,951.28. This represents a 31.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,000 shares of company stock worth $3,830,836 in the last 90 days. Corporate insiders own 22.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Erste Asset Management GmbH bought a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at about $49,749,000. Paulson & CO. Inc. boosted its holdings in Madrigal Pharmaceuticals by 10.4% during the third quarter. Paulson & CO. Inc. now owns 2,042,000 shares of the biopharmaceutical company’s stock worth $433,353,000 after buying an additional 192,000 shares in the last quarter. Braidwell LP acquired a new position in Madrigal Pharmaceuticals in the third quarter worth approximately $39,010,000. State Street Corp increased its holdings in shares of Madrigal Pharmaceuticals by 19.2% in the third quarter. State Street Corp now owns 887,752 shares of the biopharmaceutical company’s stock valued at $188,399,000 after buying an additional 143,038 shares in the last quarter. Finally, Avoro Capital Advisors LLC lifted its position in shares of Madrigal Pharmaceuticals by 5.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 2,055,555 shares of the biopharmaceutical company’s stock valued at $575,884,000 after acquiring an additional 111,111 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

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.