Canaccord Genuity Group Forecasts Strong Price Appreciation for Madrigal Pharmaceuticals (NASDAQ:MDGL) Stock

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price target lifted by equities research analysts at Canaccord Genuity Group from $428.00 to $526.00 in a report released on Friday,Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 21.70% from the company’s previous close.

Other analysts have also issued reports about the stock. UBS Group reissued a “buy” rating and set a $523.00 price target (up from $458.00) on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 12th. HC Wainwright assumed coverage on shares of Madrigal Pharmaceuticals in a research report on Thursday, September 4th. They set a “buy” rating and a $500.00 price target for the company. TD Cowen increased their price target on shares of Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a “buy” rating in a research report on Tuesday, August 26th. Cowen restated a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 26th. Finally, JMP Securities upped their price objective on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the company a “market outperform” rating in a report on Wednesday, August 20th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $483.38.

Madrigal Pharmaceuticals Stock Performance

MDGL stock opened at $432.22 on Friday. The firm has a market cap of $9.60 billion, a price-to-earnings ratio of -33.64 and a beta of -1.02. The firm has a 50-day simple moving average of $364.11 and a two-hundred day simple moving average of $326.71. Madrigal Pharmaceuticals has a one year low of $200.63 and a one year high of $457.16. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released 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. The business had revenue of $212.80 million during the quarter, compared to analyst estimates of $158.94 million. Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. The company’s quarterly revenue was up 1357.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($7.10) earnings per share. On average, equities analysts forecast that Madrigal Pharmaceuticals will post -23.47 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Rebecca Taub sold 43,263 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $355.69, for a total value of $15,388,216.47. Following the sale, the director owned 461,044 shares in the company, valued at $163,988,740.36. This represents a 8.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul A. Friedman sold 129,172 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $370.24, for a total transaction of $47,824,641.28. Following the completion of the sale, the director owned 187,164 shares in the company, valued at $69,295,599.36. The trade was a 40.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 165,683 shares of company stock worth $61,921,142 and have sold 309,019 shares worth $112,705,072. Corporate insiders own 21.50% of the company’s stock.

Institutional Trading of Madrigal Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in MDGL. VSM Wealth Advisory LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the first quarter worth $25,000. Accent Capital Management LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the first quarter worth $25,000. AlphaQuest LLC increased its stake in shares of Madrigal Pharmaceuticals by 412.5% in the second quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 66 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the first quarter worth $33,000. Finally, Farther Finance Advisors LLC increased its stake in shares of Madrigal Pharmaceuticals by 825.0% in the first quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company’s stock worth $36,000 after acquiring an additional 99 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.