JMP Securities Forecasts Strong Price Appreciation for Madrigal Pharmaceuticals (NASDAQ:MDGL) Stock

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price target upped by investment analysts at JMP Securities from $483.00 to $485.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “market outperform” rating on the biopharmaceutical company’s stock. JMP Securities’ price objective would suggest a potential upside of 19.14% from the company’s current price.

Several other research firms have also commented on MDGL. UBS Group reaffirmed a “buy” rating and issued a $523.00 price target (up from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. B. Riley reissued a “buy” rating and set a $460.00 target price (up from $422.00) on shares of Madrigal Pharmaceuticals in a research note on Friday, May 2nd. Wall Street Zen raised shares of Madrigal Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, May 5th. Finally, Canaccord Genuity Group boosted their target price on shares of Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Madrigal Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $445.71.

Madrigal Pharmaceuticals Trading Up 3.9%

NASDAQ MDGL opened at $407.09 on Wednesday. Madrigal Pharmaceuticals has a one year low of $200.63 and a one year high of $414.50. The company has a 50-day simple moving average of $318.66 and a 200-day simple moving average of $316.12. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11. The firm has a market capitalization of $9.04 billion, a PE ratio of -31.68 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) EPS for the quarter, beating the consensus estimate of ($3.48) by $1.58. Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. The business had revenue of $212.80 million during the quarter, compared to analyst estimates of $158.94 million. During the same period in the previous year, the business posted ($7.10) EPS. The company’s quarterly revenue was up 1357.5% on a year-over-year basis. On average, equities analysts forecast that Madrigal Pharmaceuticals will post -23.47 earnings per share for the current year.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Paul A. Friedman sold 129,172 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $370.24, for a total value of $47,824,641.28. Following the completion of the sale, the director directly owned 187,164 shares of the company’s stock, valued at $69,295,599.36. The trade was a 40.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kenneth Bate sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $365.20, for a total transaction of $3,652,000.00. Following the completion of the sale, the director directly owned 2,627 shares of the company’s stock, valued at $959,380.40. This represents a 79.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders bought 165,683 shares of company stock worth $61,921,142 and sold 301,740 shares worth $109,461,331. Company insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Paulson & CO. Inc. increased its position in Madrigal Pharmaceuticals by 2.8% in the 1st quarter. Paulson & CO. Inc. now owns 2,099,523 shares of the biopharmaceutical company’s stock worth $695,425,000 after buying an additional 57,523 shares during the period. Adage Capital Partners GP L.L.C. increased its position in Madrigal Pharmaceuticals by 96.3% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 376,163 shares of the biopharmaceutical company’s stock worth $113,842,000 after buying an additional 184,554 shares during the period. Woodline Partners LP increased its position in Madrigal Pharmaceuticals by 2.7% in the 1st quarter. Woodline Partners LP now owns 317,433 shares of the biopharmaceutical company’s stock worth $105,143,000 after buying an additional 8,316 shares during the period. Bank of America Corp DE increased its position in Madrigal Pharmaceuticals by 12.7% in the 2nd quarter. Bank of America Corp DE now owns 277,221 shares of the biopharmaceutical company’s stock worth $83,898,000 after buying an additional 31,260 shares during the period. Finally, Hood River Capital Management LLC increased its position in Madrigal Pharmaceuticals by 0.3% in the 2nd quarter. Hood River Capital Management LLC now owns 244,738 shares of the biopharmaceutical company’s stock worth $74,068,000 after buying an additional 744 shares during the period. 98.50% of the stock is owned by institutional investors.

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.