Brokerages Set Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Price Target at $699.64

Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) have received an average rating of “Moderate Buy” from the eighteen brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and fifteen have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $699.6429.

A number of research analysts have issued reports on MDGL shares. Piper Sandler restated an “overweight” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, June 24th. UBS Group restated a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 31st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. Truist Financial increased their price target on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Finally, Barclays reduced their price target on Madrigal Pharmaceuticals from $964.00 to $962.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd.

Insider Transactions at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, General Counsel Shannon T. Kelley sold 664 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $514.97, for a total transaction of $341,940.08. Following the transaction, the general counsel owned 11,474 shares in the company, valued at approximately $5,908,765.78. This trade represents a 5.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System lifted its position in Madrigal Pharmaceuticals by 54,067.5% during the 2nd quarter. California State Teachers Retirement System now owns 9,233,929 shares of the biopharmaceutical company’s stock worth $4,958,158,000 after buying an additional 9,216,882 shares in the last quarter. Jupiter Topco LLC bought a new position in shares of Madrigal Pharmaceuticals in the 2nd quarter valued at about $1,039,650,000. Paulson & CO. Inc. bought a new position in shares of Madrigal Pharmaceuticals in the 2nd quarter valued at about $719,524,000. BlackRock Inc. acquired a new stake in shares of Madrigal Pharmaceuticals in the second quarter valued at about $644,753,000. Finally, Janus Henderson Group PLC raised its holdings in Madrigal Pharmaceuticals by 27.4% during the first quarter. Janus Henderson Group PLC now owns 2,018,647 shares of the biopharmaceutical company’s stock worth $1,051,727,000 after acquiring an additional 433,804 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Trading Up 1.5%

MDGL stock opened at $546.93 on Monday. The company has a quick ratio of 2.94, a current ratio of 3.20 and a debt-to-equity ratio of 0.65. Madrigal Pharmaceuticals has a twelve month low of $393.61 and a twelve month high of $615.00. The company has a market cap of $12.63 billion, a P/E ratio of -42.43 and a beta of -0.98. The business has a fifty day moving average of $528.76 and a 200-day moving average of $504.21.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.68) by $0.69. The business had revenue of $364.25 million for the quarter, compared to analysts’ expectations of $352.13 million. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.The firm’s quarterly revenue was up 71.2% compared to the same quarter last year. During the same quarter last year, the business earned ($1.90) earnings per share. As a group, equities research analysts expect that Madrigal Pharmaceuticals will post -7.03 EPS for the current year.

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.