Bank of America Initiates Coverage on Madrigal Pharmaceuticals (NASDAQ:MDGL)

Bank of America initiated coverage on shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) in a research note released on Monday morning, Marketbeat reports. The firm issued an underperform rating and a $150.00 price objective on the biopharmaceutical company’s stock.

Other research analysts have also issued research reports about the stock. Citigroup raised their price objective on shares of Madrigal Pharmaceuticals from $382.00 to $389.00 and gave the company a buy rating in a research note on Friday, March 15th. StockNews.com raised shares of Madrigal Pharmaceuticals to a sell rating in a research note on Friday, April 12th. Evercore ISI raised their price objective on shares of Madrigal Pharmaceuticals from $325.00 to $405.00 and gave the company an outperform rating in a research note on Wednesday, March 20th. UBS Group raised their price objective on shares of Madrigal Pharmaceuticals from $337.00 to $410.00 and gave the company a buy rating in a research note on Friday, March 15th. Finally, B. Riley raised shares of Madrigal Pharmaceuticals from a sell rating to a neutral rating and raised their price objective for the company from $155.00 to $270.00 in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $356.73.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL opened at $204.65 on Monday. Madrigal Pharmaceuticals has a 1-year low of $119.76 and a 1-year high of $322.67. The stock has a market cap of $4.07 billion, a PE ratio of -10.26 and a beta of -0.47. The firm has a 50-day simple moving average of $244.64 and a two-hundred day simple moving average of $211.94. The company has a debt-to-equity ratio of 0.28, a current ratio of 5.38 and a quick ratio of 5.38.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($5.26) by ($0.42). During the same quarter last year, the business posted ($4.98) EPS. As a group, analysts forecast that Madrigal Pharmaceuticals will post -21.48 EPS for the current year.

Insider Buying and Selling

In other news, Director Richard S. Levy sold 11,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $257.48, for a total transaction of $2,832,280.00. Following the completion of the sale, the director now owns 10,298 shares in the company, valued at approximately $2,651,529.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Richard S. Levy sold 11,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $257.48, for a total transaction of $2,832,280.00. Following the completion of the sale, the director now owns 10,298 shares in the company, valued at approximately $2,651,529.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Rebecca Taub sold 2,676 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $245.99, for a total transaction of $658,269.24. Following the sale, the chief marketing officer now owns 458,999 shares of the company’s stock, valued at approximately $112,909,164.01. The disclosure for this sale can be found here. Insiders sold 146,496 shares of company stock worth $31,362,420 over the last 90 days. 23.92% of the stock is owned by insiders.

Institutional Trading of Madrigal Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Montag A & Associates Inc. increased its holdings in shares of Madrigal Pharmaceuticals by 223.3% in the 3rd quarter. Montag A & Associates Inc. now owns 194 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 134 shares during the period. Global Retirement Partners LLC increased its stake in Madrigal Pharmaceuticals by 454.5% in the 4th quarter. Global Retirement Partners LLC now owns 122 shares of the biopharmaceutical company’s stock valued at $30,000 after buying an additional 100 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in Madrigal Pharmaceuticals by 95.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 468 shares of the biopharmaceutical company’s stock valued at $68,000 after buying an additional 228 shares during the period. Quantbot Technologies LP acquired a new position in Madrigal Pharmaceuticals in the 3rd quarter valued at $72,000. Finally, Exchange Traded Concepts LLC increased its stake in Madrigal Pharmaceuticals by 289.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 655 shares of the biopharmaceutical company’s stock valued at $96,000 after buying an additional 487 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

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.