Madrigal Pharmaceuticals (NASDAQ:MDGL) Given New $709.00 Price Target at Truist Financial

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its target price increased by equities research analysts at Truist Financial from $640.00 to $709.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Truist Financial’s price target suggests a potential upside of 38.23% from the company’s previous close.

Other analysts also recently issued reports about the company. Canaccord Genuity Group decreased their target price on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Citizens Jmp lifted their target price on Madrigal Pharmaceuticals from $527.00 to $745.00 and gave the stock a “market outperform” rating in a research report on Tuesday, January 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, April 21st. Barclays started coverage on Madrigal Pharmaceuticals in a report on Tuesday, January 27th. They issued an “overweight” rating and a $964.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and issued a $620.00 price objective on shares of Madrigal Pharmaceuticals in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have given 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 a consensus target price of $687.00.

Madrigal Pharmaceuticals Trading Up 0.5%

Shares of NASDAQ:MDGL traded up $2.66 on Wednesday, hitting $512.92. 72,890 shares of the company’s stock were exchanged, compared to its average volume of 346,145. Madrigal Pharmaceuticals has a 12 month low of $265.00 and a 12 month high of $615.00. The stock has a market capitalization of $11.83 billion, a price-to-earnings ratio of -40.09 and a beta of -1.04. The business’s 50 day simple moving average is $492.50 and its two-hundred day simple moving average is $508.78. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.50 and a quick ratio of 3.16.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, topping the consensus estimate of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 27.32%.The business had revenue of $311.34 million during the quarter, compared to the consensus estimate of $301.05 million. During the same period last year, the company earned ($3.32) earnings per share. The business’s revenue for the quarter was up 126.8% compared to the same quarter last year. Analysts anticipate that Madrigal Pharmaceuticals will post -6.49 EPS for the current fiscal year.

Insider Transactions at Madrigal Pharmaceuticals

In related news, CFO Mardi Dier sold 1,982 shares of Madrigal Pharmaceuticals stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $430.87, for a total value of $853,984.34. Following the completion of the sale, the chief financial officer directly owned 12,490 shares in the company, valued at $5,381,566.30. The trade was a 13.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Carole Huntsman sold 419 shares of Madrigal Pharmaceuticals stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $431.94, for a total value of $180,982.86. Following the completion of the transaction, the insider owned 12,692 shares in the company, valued at $5,482,182.48. This trade represents a 3.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,098 shares of company stock valued at $2,626,254 over the last three months. 17.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Large investors have recently modified their holdings of the business. Eastern Bank raised its stake in Madrigal Pharmaceuticals by 32.3% in the 4th quarter. Eastern Bank now owns 86 shares of the biopharmaceutical company’s stock valued at $50,000 after purchasing an additional 21 shares during the last quarter. Centaurus Financial Inc. raised its stake in Madrigal Pharmaceuticals by 5.0% in the 3rd quarter. Centaurus Financial Inc. now owns 709 shares of the biopharmaceutical company’s stock valued at $325,000 after purchasing an additional 34 shares during the last quarter. Farther Finance Advisors LLC raised its stake in Madrigal Pharmaceuticals by 34.6% in the 4th quarter. Farther Finance Advisors LLC now owns 140 shares of the biopharmaceutical company’s stock valued at $82,000 after purchasing an additional 36 shares during the last quarter. Accent Capital Management LLC raised its stake in Madrigal Pharmaceuticals by 64.9% in the 4th quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company’s stock valued at $55,000 after purchasing an additional 37 shares during the last quarter. Finally, Swiss Life Asset Management Ltd raised its stake in Madrigal Pharmaceuticals by 6.8% in the 4th quarter. Swiss Life Asset Management Ltd now owns 690 shares of the biopharmaceutical company’s stock valued at $402,000 after purchasing an additional 44 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Company Profile

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.