Madrigal Pharmaceuticals (NASDAQ:MDGL) Upgraded to Neutral at Bank of America

Bank of America upgraded shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) from an underperform rating to a neutral rating in a research note issued to investors on Monday, Marketbeat reports. The firm currently has $445.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $266.00.

A number of other brokerages also recently commented on MDGL. Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, October 8th. Canaccord Genuity Group upped their target price on Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the company a “buy” rating in a report on Friday, September 12th. Oppenheimer increased their price objective on Madrigal Pharmaceuticals from $500.00 to $590.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. HC Wainwright initiated coverage on Madrigal Pharmaceuticals in a report on Thursday, September 4th. They issued a “buy” rating and a $500.00 price objective for the company. Finally, JMP Securities increased their price objective on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a “market outperform” rating in a report on Wednesday, August 20th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Madrigal Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $524.73.

Madrigal Pharmaceuticals Price Performance

Shares of Madrigal Pharmaceuticals stock opened at $412.35 on Monday. The company has a quick ratio of 4.78, a current ratio of 5.11 and a debt-to-equity ratio of 0.17. The company has a market cap of $9.16 billion, a PE ratio of -32.09 and a beta of -1.02. The business has a 50 day moving average of $433.67 and a 200 day moving average of $353.56. Madrigal Pharmaceuticals has a 52 week low of $265.00 and a 52 week high of $463.63.

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

Insider Transactions at Madrigal Pharmaceuticals

In other news, CEO William John Sibold sold 7,279 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $445.63, for a total value of $3,243,740.77. Following the sale, the chief executive officer directly owned 102,474 shares of the company’s stock, valued at approximately $45,665,488.62. This represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kenneth Bate sold 10,000 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $365.20, for a total value of $3,652,000.00. Following the completion of the sale, the director directly owned 2,627 shares in the company, valued at approximately $959,380.40. This represents a 79.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders bought 165,683 shares of company stock valued at $61,921,142 and sold 248,642 shares valued at $91,388,103. Insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

A number of institutional investors have recently modified their holdings of the stock. Arizona State Retirement System grew its stake in shares of Madrigal Pharmaceuticals by 1.9% in the third quarter. Arizona State Retirement System now owns 4,255 shares of the biopharmaceutical company’s stock worth $1,952,000 after acquiring an additional 78 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of Madrigal Pharmaceuticals by 13.4% during the third quarter. New York State Common Retirement Fund now owns 69,273 shares of the biopharmaceutical company’s stock valued at $31,773,000 after buying an additional 8,211 shares during the last quarter. Federated Hermes Inc. purchased a new stake in shares of Madrigal Pharmaceuticals during the third quarter valued at $1,782,000. Truist Financial Corp purchased a new stake in shares of Madrigal Pharmaceuticals during the third quarter valued at $277,000. Finally, EFG Asset Management North America Corp. purchased a new stake in shares of Madrigal Pharmaceuticals during the third quarter valued at $3,807,000. 98.50% of the stock is owned by hedge funds and other 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.