Madrigal Pharmaceuticals (NASDAQ:MDGL) Research Coverage Started at Bank of America

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

Several other research analysts also recently weighed in on the company. JMP Securities lifted their target price on Madrigal Pharmaceuticals from $351.00 to $397.00 and gave the company an outperform rating in a research note on Friday, March 15th. Canaccord Genuity Group lifted their target price on Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the company a buy rating in a research note on Friday, March 15th. B. Riley upgraded Madrigal Pharmaceuticals from a sell rating to a neutral rating and lifted their target price for the company from $155.00 to $270.00 in a research note on Friday, March 15th. Piper Sandler reiterated an overweight rating and issued a $336.00 target price on shares of Madrigal Pharmaceuticals in a research note on Thursday, March 14th. Finally, StockNews.com raised Madrigal Pharmaceuticals to a sell rating in a report on Friday, April 12th. Two analysts have rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Madrigal Pharmaceuticals has a consensus rating of Moderate Buy and a consensus target price of $356.73.

Madrigal Pharmaceuticals Trading Up 0.7 %

NASDAQ:MDGL opened at $213.49 on Monday. The stock’s 50 day moving average price is $244.63 and its 200 day moving average price is $211.44. The company has a market capitalization of $4.25 billion, a PE ratio of -10.71 and a beta of -0.47. The company has a quick ratio of 5.38, a current ratio of 5.38 and a debt-to-equity ratio of 0.28. Madrigal Pharmaceuticals has a 52-week low of $119.76 and a 52-week high of $322.67.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) earnings per share for the quarter, missing the consensus estimate of ($5.26) by ($0.42). During the same quarter in the prior year, the firm posted ($4.98) earnings per share. On average, research analysts anticipate that Madrigal Pharmaceuticals will post -21.48 EPS for the current year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, Director Paul A. Friedman sold 26,270 shares of Madrigal Pharmaceuticals stock in a transaction on Monday, April 8th. The stock was sold at an average price of $246.19, for a total transaction of $6,467,411.30. Following the completion of the transaction, the director now owns 185,735 shares of the company’s stock, valued at approximately $45,726,099.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Paul A. Friedman sold 26,270 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $246.19, for a total transaction of $6,467,411.30. Following the completion of the transaction, the director now directly owns 185,735 shares in the company, valued at approximately $45,726,099.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Rebecca Taub sold 27,506 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $243.36, for a total value of $6,693,860.16. Following the transaction, the chief marketing officer now owns 458,999 shares of the company’s stock, valued at $111,701,996.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 146,496 shares of company stock valued at $31,362,420. Insiders own 23.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. PFG Investments LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 1st quarter worth approximately $229,000. Raymond James & Associates raised its position in shares of Madrigal Pharmaceuticals by 2.8% during the 1st quarter. Raymond James & Associates now owns 20,284 shares of the biopharmaceutical company’s stock worth $5,417,000 after purchasing an additional 554 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV acquired a new position in shares of Madrigal Pharmaceuticals during the 1st quarter worth approximately $234,000. Shikiar Asset Management Inc. grew its stake in Madrigal Pharmaceuticals by 8.0% in the 1st quarter. Shikiar Asset Management Inc. now owns 5,400 shares of the biopharmaceutical company’s stock worth $1,442,000 after acquiring an additional 400 shares during the period. Finally, AMI Asset Management Corp grew its stake in Madrigal Pharmaceuticals by 101.5% in the 1st quarter. AMI Asset Management Corp now owns 9,618 shares of the biopharmaceutical company’s stock worth $2,568,000 after acquiring an additional 4,845 shares during the period. 98.50% of the stock is currently 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.