B. Riley Forecasts Strong Price Appreciation for Madrigal Pharmaceuticals (NASDAQ:MDGL) Stock

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its target price increased by analysts at B. Riley from $194.00 to $236.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the biopharmaceutical company’s stock. B. Riley’s target price would indicate a potential downside of 28.05% from the company’s previous close.

Several other brokerages have also recently weighed in on MDGL. StockNews.com upgraded Madrigal Pharmaceuticals to a “sell” rating in a report on Saturday, October 12th. Citigroup cut their target price on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. JMP Securities increased their price target on Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the company a “market outperform” rating in a research report on Tuesday, July 16th. Oppenheimer lowered their target price on shares of Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, October 11th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $347.33.

Madrigal Pharmaceuticals Stock Down 1.0 %

Madrigal Pharmaceuticals stock traded down $3.33 during midday trading on Tuesday, reaching $327.99. The company’s stock had a trading volume of 210,900 shares, compared to its average volume of 438,442. The stock has a market capitalization of $7.15 billion, a P/E ratio of -13.08 and a beta of -0.46. 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 has a 52-week low of $133.99 and a 52-week high of $337.44. The stock’s 50-day simple moving average is $228.91 and its 200-day simple moving average is $243.57.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($6.94) by $2.02. The company had revenue of $62.18 million during the quarter, compared to analyst estimates of $34.60 million. During the same period in the previous year, the firm posted ($5.34) earnings per share. On average, sell-side analysts expect that Madrigal Pharmaceuticals will post -27.27 EPS for the current year.

Insider Transactions at Madrigal Pharmaceuticals

In related news, CEO William John Sibold sold 6,363 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $243.83, for a total transaction of $1,551,490.29. Following the completion of the transaction, the chief executive officer now owns 55,887 shares in the company, valued at $13,626,927.21. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 22.80% of the company’s stock.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Several large investors have recently made changes to their positions in MDGL. Avoro Capital Advisors LLC raised its stake in 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 purchasing an additional 111,111 shares during the period. Paulson & CO. Inc. lifted its stake in shares of Madrigal Pharmaceuticals by 4.2% in the 2nd quarter. Paulson & CO. Inc. now owns 1,850,000 shares of the biopharmaceutical company’s stock valued at $518,296,000 after purchasing an additional 75,000 shares during the last quarter. Vanguard Group Inc. raised its holdings in Madrigal Pharmaceuticals by 6.0% during the first quarter. Vanguard Group Inc. now owns 1,668,806 shares of the biopharmaceutical company’s stock valued at $445,638,000 after buying an additional 94,064 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Madrigal Pharmaceuticals by 106.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 803,213 shares of the biopharmaceutical company’s stock worth $214,491,000 after purchasing an additional 414,484 shares during the period. Finally, Fiera Capital Corp acquired a new position in Madrigal Pharmaceuticals during the 2nd quarter worth $32,335,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

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.