Madrigal Pharmaceuticals (NASDAQ:MDGL) Shares Gap Down on Disappointing Earnings

Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $235.57, but opened at $222.00. Madrigal Pharmaceuticals shares last traded at $226.40, with a volume of 84,303 shares.

The biopharmaceutical company reported ($7.38) earnings per share for the quarter, missing the consensus estimate of ($6.06) by ($1.32). During the same period in the prior year, the company posted ($4.23) EPS.

Analyst Ratings Changes

A number of equities analysts have recently commented on MDGL shares. JMP Securities dropped their target price on Madrigal Pharmaceuticals from $397.00 to $381.00 and set a “market outperform” rating for the company in a report on Wednesday. Oppenheimer raised their target price on shares of Madrigal Pharmaceuticals from $320.00 to $375.00 and gave the stock an “outperform” rating in a report on Friday, March 15th. UBS Group increased their price objective on shares of Madrigal Pharmaceuticals from $337.00 to $410.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Canaccord Genuity Group boosted their target price on Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Finally, HC Wainwright reduced their price target on Madrigal Pharmaceuticals from $425.00 to $390.00 and set a “buy” rating on the stock in a report on Wednesday. Two research analysts have rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $351.45.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, CMO Rebecca Taub sold 27,506 shares of the stock in a transaction on Friday, April 5th. The stock was sold at an average price of $243.36, for a total transaction of $6,693,860.16. Following the sale, the chief marketing officer now owns 458,999 shares of the company’s stock, valued at approximately $111,701,996.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Richard S. Levy sold 11,000 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $257.48, for a total value of $2,832,280.00. Following the transaction, the director now owns 10,298 shares of the company’s stock, valued at approximately $2,651,529.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Rebecca Taub sold 27,506 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $243.36, for a total transaction of $6,693,860.16. Following the sale, the chief marketing officer now directly owns 458,999 shares of the company’s stock, valued at approximately $111,701,996.64. The disclosure for this sale can be found here. Insiders sold 146,496 shares of company stock valued at $31,362,420 over the last 90 days. Corporate insiders own 23.92% of the company’s stock.

Institutional Trading of Madrigal Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Global Retirement Partners LLC grew its stake in 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 buying an additional 100 shares during the last quarter. Montag A & Associates Inc. grew its stake in shares of Madrigal Pharmaceuticals by 223.3% during the third quarter. Montag A & Associates Inc. now owns 194 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 134 shares during the last quarter. UMB Bank n.a. acquired a new position in shares of Madrigal Pharmaceuticals during the first quarter valued at about $53,000. BNP Paribas purchased a new position in shares of Madrigal Pharmaceuticals in the 1st quarter valued at approximately $68,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Madrigal Pharmaceuticals in the 1st quarter worth approximately $102,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

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 company has a market cap of $4.40 billion, a PE ratio of -10.38 and a beta of -0.33. The firm’s 50-day simple moving average is $239.11 and its two-hundred day simple moving average is $216.95.

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.