Madrigal Pharmaceuticals (NASDAQ:MDGL) Reaches New 52-Week High – Here’s Why

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) reached a new 52-week high on Monday . The stock traded as high as $549.27 and last traded at $546.13, with a volume of 102912 shares traded. The stock had previously closed at $529.21.

Wall Street Analysts Forecast Growth

Several analysts have commented on MDGL shares. Canaccord Genuity Group lifted their price target on Madrigal Pharmaceuticals from $526.00 to $587.00 and gave the company a “buy” rating in a report on Thursday. JMP Securities set a $527.00 price target on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 5th. Citizens Jmp lifted their price target on shares of Madrigal Pharmaceuticals from $485.00 to $527.00 and gave the company a “market outperform” rating in a report on Wednesday, November 5th. Truist Financial assumed coverage on Madrigal Pharmaceuticals in a research report on Tuesday, October 14th. They issued a “buy” rating and a $580.00 target price on the stock. Finally, TD Cowen boosted their price target on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a “buy” rating in a research report on Tuesday, August 26th. Thirteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $539.17.

Madrigal Pharmaceuticals Trading Up 4.2%

The firm has a market cap of $12.53 billion, a price-to-earnings ratio of -42.92 and a beta of -1.04. 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 business has a 50 day moving average price of $445.89 and a 200-day moving average price of $365.16.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) EPS for the quarter, missing the consensus estimate of ($2.01) by ($3.07). Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%. As a group, research analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Kenneth Bate sold 16,575 shares of the business’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $484.30, for a total value of $8,027,272.50. Following the completion of the sale, the director directly owned 2,627 shares of the company’s stock, valued at $1,272,256.10. The trade was a 86.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William John Sibold sold 7,279 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 102,474 shares in the company, valued at approximately $45,665,488.62. This represents a 6.63% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 39,970 shares of company stock worth $18,746,944. Company insiders own 21.50% of the company’s stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in Madrigal Pharmaceuticals by 5,381.2% during the third quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock valued at $185,507,000 after purchasing an additional 397,076 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its stake in Madrigal Pharmaceuticals by 96.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 376,163 shares of the biopharmaceutical company’s stock worth $113,842,000 after acquiring an additional 184,554 shares during the period. Norges Bank acquired a new stake in Madrigal Pharmaceuticals during the second quarter worth about $53,406,000. Baker BROS. Advisors LP lifted its holdings in Madrigal Pharmaceuticals by 8.4% in the third quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock worth $982,313,000 after acquiring an additional 165,683 shares during the last quarter. Finally, Alkeon Capital Management LLC acquired a new position in Madrigal Pharmaceuticals in the third quarter valued at approximately $55,039,000. 98.50% of the stock is currently owned by institutional investors.

About Madrigal Pharmaceuticals

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.