B. Riley Issues Positive Forecast for Madrigal Pharmaceuticals (NASDAQ:MDGL) Stock Price

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price target raised by B. Riley from $460.00 to $560.00 in a report released on Monday, Marketbeat Ratings reports. B. Riley currently has a buy rating on the biopharmaceutical company’s stock.

Several other analysts also recently weighed in on MDGL. HC Wainwright began coverage on shares of Madrigal Pharmaceuticals in a research note on Thursday, September 4th. They issued a “buy” rating and a $500.00 price target for the company. Cowen reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 26th. UBS Group restated 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. JMP Securities lifted their price target on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a “market outperform” rating in a research note on Wednesday, August 20th. Finally, Canaccord Genuity Group increased their price objective on Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $495.88.

Madrigal Pharmaceuticals Stock Up 4.4%

Shares of NASDAQ MDGL opened at $443.10 on Monday. 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 current ratio of 5.11 and a quick ratio of 4.78. The firm’s 50 day simple moving average is $389.03 and its two-hundred day simple moving average is $334.37. The stock has a market capitalization of $9.84 billion, a P/E ratio of -34.48 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm 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 business’s quarterly revenue was up 1357.5% on a year-over-year basis. As a group, analysts expect that Madrigal Pharmaceuticals will post -23.47 EPS for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Shannon T. Kelley sold 1,304 shares of Madrigal Pharmaceuticals stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $367.81, for a total transaction of $479,624.24. Following the sale, the general counsel owned 9,173 shares of the company’s stock, valued at approximately $3,373,921.13. The trade was a 12.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Paul A. Friedman sold 129,172 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $370.24, for a total transaction of $47,824,641.28. Following the transaction, the director owned 187,164 shares in the company, valued at $69,295,599.36. This represents a 40.83% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have bought 165,683 shares of company stock valued at $61,921,142 and have sold 309,019 shares valued at $112,705,072. Insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MDGL. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Madrigal Pharmaceuticals in the 4th quarter valued at approximately $210,000. California State Teachers Retirement System lifted its position in Madrigal Pharmaceuticals by 0.8% during the fourth quarter. California State Teachers Retirement System now owns 12,546 shares of the biopharmaceutical company’s stock valued at $3,871,000 after buying an additional 105 shares during the period. GAMMA Investing LLC lifted its position in Madrigal Pharmaceuticals by 76,537.3% during the first quarter. GAMMA Investing LLC now owns 39,085 shares of the biopharmaceutical company’s stock valued at $12,946,000 after buying an additional 39,034 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Madrigal Pharmaceuticals by 42.7% during the 1st quarter. Parallel Advisors LLC now owns 284 shares of the biopharmaceutical company’s stock valued at $94,000 after buying an additional 85 shares in the last quarter. Finally, Rhumbline Advisers grew its position in shares of Madrigal Pharmaceuticals by 7.9% in the 1st quarter. Rhumbline Advisers now owns 26,364 shares of the biopharmaceutical company’s stock worth $8,733,000 after buying an additional 1,924 shares during the period. Hedge funds and other institutional investors 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.