Madrigal Pharmaceuticals (NASDAQ:MDGL) Given New $381.00 Price Target at JMP Securities

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its target price reduced by equities researchers at JMP Securities from $397.00 to $381.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “market outperform” rating on the biopharmaceutical company’s stock. JMP Securities’ price objective points to a potential upside of 84.13% from the company’s current price.

Other equities research analysts also recently issued reports about the company. TD Cowen raised their price target on Madrigal Pharmaceuticals from $349.00 to $390.00 and gave the company an “outperform” rating in a research report on Friday, March 15th. Bank of America assumed coverage on Madrigal Pharmaceuticals in a research report on Monday, April 22nd. They set an “underperform” rating and a $150.00 target price on the stock. UBS Group lifted their target price on Madrigal Pharmaceuticals from $337.00 to $410.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Piper Sandler reissued an “overweight” rating and set a $336.00 target price on shares of Madrigal Pharmaceuticals in a research report on Thursday, March 14th. Finally, Citigroup lifted their target price on Madrigal Pharmaceuticals from $382.00 to $389.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $351.45.

Madrigal Pharmaceuticals Trading Down 0.5 %

Shares of NASDAQ:MDGL opened at $206.92 on Wednesday. The company has a market cap of $4.40 billion, a P/E ratio of -10.38 and a beta of -0.33. The stock’s 50-day moving average is $239.11 and its 200-day moving average is $216.95. Madrigal Pharmaceuticals has a 52-week low of $119.76 and a 52-week high of $302.68. The company has a debt-to-equity ratio of 0.28, a quick ratio of 5.38 and a current ratio of 5.38.

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 the consensus estimate of ($6.06) by ($1.32). During the same quarter in the prior year, the business earned ($4.23) earnings per share. Equities research analysts predict that Madrigal Pharmaceuticals will post -21.86 earnings per share for the current year.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, Director Richard S. Levy sold 11,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 10,298 shares in the company, valued at $2,651,529.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Richard S. Levy sold 11,000 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $257.48, for a total value of $2,832,280.00. Following the completion of the transaction, the director now owns 10,298 shares in the company, valued at $2,651,529.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul A. Friedman sold 26,270 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, April 8th. The shares were 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 disclosure for this sale can be found here. Insiders sold a total of 146,496 shares of company stock worth $31,362,420 over the last quarter. Company insiders own 23.92% of the company’s stock.

Institutional Trading of Madrigal Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC grew its holdings in Madrigal Pharmaceuticals by 21.7% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,060 shares of the biopharmaceutical company’s stock worth $301,000 after acquiring an additional 367 shares during the period. Glenmede Trust Co. NA grew its holdings in Madrigal Pharmaceuticals by 53.2% during the 3rd quarter. Glenmede Trust Co. NA now owns 1,567 shares of the biopharmaceutical company’s stock worth $229,000 after acquiring an additional 544 shares during the period. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Madrigal Pharmaceuticals during the 3rd quarter worth $314,000. Charles Schwab Investment Management Inc. grew its holdings in Madrigal Pharmaceuticals by 11.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,501 shares of the biopharmaceutical company’s stock worth $15,992,000 after acquiring an additional 11,083 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Madrigal Pharmaceuticals by 7.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,573,338 shares of the biopharmaceutical company’s stock valued at $229,770,000 after buying an additional 107,816 shares during the period. 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.