Madrigal Pharmaceuticals (NASDAQ:MDGL) Stock Passes Above Two Hundred Day Moving Average – Here’s What Happened

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)’s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $430.20 and traded as high as $590.00. Madrigal Pharmaceuticals shares last traded at $583.73, with a volume of 139,211 shares.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Bank of America raised Madrigal Pharmaceuticals from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $266.00 to $445.00 in a research note on Monday, November 3rd. Truist Financial upped their price objective on shares of Madrigal Pharmaceuticals from $580.00 to $640.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Citigroup reissued an “outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, October 8th. Finally, Citizens Jmp increased their price target on Madrigal Pharmaceuticals from $485.00 to $527.00 and gave the company a “market outperform” rating in a report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $624.08.

Madrigal Pharmaceuticals Price Performance

The firm has a market cap of $13.26 billion, a price-to-earnings ratio of -44.87 and a beta of -1.04. The stock’s fifty day moving average price is $534.95 and its 200-day moving average price is $430.20. The company has a current ratio of 3.44, a quick ratio of 3.26 and a debt-to-equity ratio of 0.54.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($3.07). Madrigal Pharmaceuticals had a negative return on equity of 41.50% and a negative net margin of 39.04%. As a group, equities research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In related news, insider Carole Huntsman sold 1,958 shares of the stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $553.11, for a total transaction of $1,082,989.38. Following the completion of the transaction, the insider owned 10,032 shares of the company’s stock, valued at approximately $5,548,799.52. This trade represents a 16.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rebecca Taub sold 18,650 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $552.15, for a total transaction of $10,297,597.50. Following the completion of the sale, the director owned 461,044 shares of the company’s stock, valued at $254,565,444.60. This trade represents a 3.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 77,056 shares of company stock valued at $41,324,312. 21.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. AlphaQuest LLC raised its holdings in shares of Madrigal Pharmaceuticals by 412.5% in the 2nd quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 66 shares during the period. Mather Group LLC. acquired a new position in Madrigal Pharmaceuticals in the 3rd quarter valued at about $33,000. Global Retirement Partners LLC grew its position in Madrigal Pharmaceuticals by 221.7% in the 3rd quarter. Global Retirement Partners LLC now owns 74 shares of the biopharmaceutical company’s stock valued at $34,000 after acquiring an additional 51 shares in the last quarter. First Horizon Corp purchased a new stake in Madrigal Pharmaceuticals during the third quarter worth about $34,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in shares of Madrigal Pharmaceuticals during the third quarter worth about $39,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company’s pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-β agonist in Phase 3 development for the treatment of NASH.