Short Interest in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Drops By 15.3%

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) was the recipient of a large drop in short interest in the month of June. As of June 15th, there was short interest totalling 4,430,000 shares, a drop of 15.3% from the May 31st total of 5,230,000 shares. Based on an average daily trading volume, of 468,300 shares, the days-to-cover ratio is presently 9.5 days.

Madrigal Pharmaceuticals Trading Down 2.7 %

Shares of NASDAQ MDGL traded down $7.64 during midday trading on Tuesday, reaching $271.67. The stock had a trading volume of 179,625 shares, compared to its average volume of 517,426. The firm has a market cap of $5.79 billion, a price-to-earnings ratio of -11.77 and a beta of -0.42. Madrigal Pharmaceuticals has a twelve month low of $119.76 and a twelve month high of $299.98. The company has a debt-to-equity ratio of 0.14, a quick ratio of 9.39 and a current ratio of 9.39. The company’s 50 day moving average price is $240.80 and its 200 day moving average price is $237.37.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($7.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($6.06) by ($1.32). During the same period in the previous year, the business posted ($4.23) EPS. As a group, sell-side analysts expect that Madrigal Pharmaceuticals will post -27.62 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Oppenheimer lifted their price target on shares of Madrigal Pharmaceuticals from $320.00 to $375.00 and gave the company an “outperform” rating in a report on Friday, March 15th. HC Wainwright decreased their price target on shares of Madrigal Pharmaceuticals from $425.00 to $390.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. TD Cowen lifted their price target on shares of Madrigal Pharmaceuticals from $349.00 to $390.00 and gave the company an “outperform” rating in a report on Friday, March 15th. Canaccord Genuity Group lifted their price target on shares of Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the company a “buy” rating in a report on Friday, March 15th. Finally, Cantor Fitzgerald initiated coverage on shares of Madrigal Pharmaceuticals in a report on Friday. They set a “neutral” rating on the stock. Two analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $348.17.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, VP Robert E. Waltermire sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $285.00, for a total value of $570,000.00. Following the transaction, the vice president now directly owns 5,500 shares of the company’s stock, valued at approximately $1,567,500. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Fred B. Craves sold 22,489 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $212.88, for a total transaction of $4,787,458.32. Following the sale, the director now directly owns 413,362 shares of the company’s stock, valued at approximately $87,996,502.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Robert E. Waltermire sold 2,000 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $285.00, for a total transaction of $570,000.00. Following the sale, the vice president now directly owns 5,500 shares in the company, valued at $1,567,500. The disclosure for this sale can be found here. Insiders have sold a total of 130,432 shares of company stock valued at $31,320,372 in the last ninety days. 23.92% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MDGL. Global Retirement Partners LLC lifted its position in shares of Madrigal Pharmaceuticals by 454.5% during the 4th quarter. Global Retirement Partners LLC now owns 122 shares of the biopharmaceutical company’s stock valued at $30,000 after acquiring an additional 100 shares during the period. EntryPoint Capital LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 1st quarter valued at $41,000. UMB Bank n.a. acquired a new position in shares of Madrigal Pharmaceuticals during the 1st quarter valued at $53,000. BNP Paribas acquired a new position in shares of Madrigal Pharmaceuticals during the 1st quarter valued at $68,000. Finally, Comerica Bank lifted its position in shares of Madrigal Pharmaceuticals by 615.4% during the 1st quarter. Comerica Bank now owns 372 shares of the biopharmaceutical company’s stock valued at $99,000 after acquiring an additional 320 shares during the period. Institutional investors and hedge funds 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.