Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target Cut to $381.00 by Analysts at JMP Securities

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price target reduced by JMP Securities from $397.00 to $381.00 in a research note published on Wednesday morning, Benzinga reports. JMP Securities currently has a market outperform rating on the biopharmaceutical company’s stock.

Other analysts have also recently issued research reports about the company. Evercore ISI increased their target price on Madrigal Pharmaceuticals from $325.00 to $405.00 and gave the stock an outperform rating in a report on Wednesday, March 20th. HC Wainwright boosted their target price on shares of Madrigal Pharmaceuticals from $405.00 to $425.00 and gave the stock a buy rating in a research note on Friday, March 15th. Citigroup increased their price target on shares of Madrigal Pharmaceuticals from $382.00 to $389.00 and gave the company a buy rating in a research note on Friday, March 15th. Oppenheimer boosted their price objective on shares of Madrigal Pharmaceuticals from $320.00 to $375.00 and gave the stock an outperform rating in a research report on Friday, March 15th. Finally, Canaccord Genuity Group increased their price objective on Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the company a buy rating in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $351.45.

Madrigal Pharmaceuticals Price Performance

Shares of Madrigal Pharmaceuticals stock traded down $1.12 during mid-day trading on Wednesday, reaching $206.92. 359,421 shares of the stock were exchanged, compared to its average volume of 525,093. The company has a market cap of $4.40 billion, a price-to-earnings ratio of -10.38 and a beta of -0.33. Madrigal Pharmaceuticals has a fifty-two week low of $119.76 and a fifty-two week high of $302.68. The company has a current ratio of 5.38, a quick ratio of 5.38 and a debt-to-equity ratio of 0.28. The firm has a 50-day simple moving average of $239.69 and a 200 day simple moving average of $217.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($7.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($6.06) by ($1.32). During the same quarter in the prior year, the company posted ($4.23) EPS. On average, sell-side analysts predict that Madrigal Pharmaceuticals will post -21.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director James M. Daly sold 32,489 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $102.77, for a total value of $3,338,894.53. Following the completion of the sale, the director now directly owns 1,198 shares of the company’s stock, valued at approximately $123,118.46. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director James M. Daly sold 32,489 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $102.77, for a total value of $3,338,894.53. Following the completion of the transaction, the director now owns 1,198 shares of the company’s stock, valued at approximately $123,118.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CMO Rebecca Taub sold 2,676 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $245.99, for a total value of $658,269.24. Following the sale, the chief marketing officer now directly owns 458,999 shares in the company, valued at approximately $112,909,164.01. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,496 shares of company stock worth $31,362,420. Insiders own 23.92% of the company’s stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Montag A & Associates Inc. lifted its holdings in shares of Madrigal Pharmaceuticals by 223.3% in the third quarter. Montag A & Associates Inc. now owns 194 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 134 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of Madrigal Pharmaceuticals by 454.5% during the 4th quarter. Global Retirement Partners LLC now owns 122 shares of the biopharmaceutical company’s stock worth $30,000 after acquiring an additional 100 shares in the last quarter. UMB Bank n.a. acquired a new stake in shares of Madrigal Pharmaceuticals in the first quarter valued at approximately $53,000. China Universal Asset Management Co. Ltd. boosted its holdings in Madrigal Pharmaceuticals by 95.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 468 shares of the biopharmaceutical company’s stock worth $68,000 after purchasing an additional 228 shares during the last quarter. Finally, BNP Paribas bought a new position in Madrigal Pharmaceuticals in the first quarter valued at $68,000. Institutional investors own 98.50% of the company’s stock.

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.