Madrigal Pharmaceuticals (NASDAQ:MDGL) Trading Down 6%

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)’s stock price traded down 6% during mid-day trading on Wednesday . The company traded as low as $204.60 and last traded at $205.20. 351,797 shares changed hands during trading, a decline of 33% from the average session volume of 525,044 shares. The stock had previously closed at $218.38.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Canaccord Genuity Group boosted their price target on shares of Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Oppenheimer upped their target price on shares of Madrigal Pharmaceuticals from $320.00 to $375.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. Evercore ISI upped their target price on shares of Madrigal Pharmaceuticals from $325.00 to $405.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. JMP Securities upped their target price on shares of Madrigal Pharmaceuticals from $351.00 to $397.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. Finally, Bank of America started coverage on Madrigal Pharmaceuticals in a report on Monday. They issued an “underperform” rating and a $150.00 price objective for the company. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $356.73.

Madrigal Pharmaceuticals Trading Down 6.3 %

The stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of -10.57 and a beta of -0.47. 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 business has a 50 day simple moving average of $244.91 and a 200-day simple moving average of $211.99.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings data on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) earnings per share for the quarter, missing the consensus estimate of ($5.26) by ($0.42). During the same quarter last year, the business earned ($4.98) earnings per share. On average, equities analysts predict that Madrigal Pharmaceuticals, Inc. will post -21.48 earnings per share for the current year.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Richard S. Levy sold 11,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $257.48, for a total transaction of $2,832,280.00. Following the sale, the director now directly owns 10,298 shares in the company, valued at approximately $2,651,529.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CMO Rebecca Taub sold 27,506 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $243.36, for a total value of $6,693,860.16. Following the completion of the sale, the chief marketing officer now directly owns 458,999 shares in the company, valued at approximately $111,701,996.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard S. Levy sold 11,000 shares of the business’s 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 completion of the sale, the director now owns 10,298 shares of the company’s stock, valued at $2,651,529.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 146,496 shares of company stock worth $31,362,420. 23.92% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC boosted its position 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 acquiring an additional 100 shares during the period. Montag A & Associates Inc. boosted its position in Madrigal Pharmaceuticals by 223.3% during the 3rd 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 period. Allspring Global Investments Holdings LLC acquired a new position in Madrigal Pharmaceuticals during the 1st quarter worth $102,000. China Universal Asset Management Co. Ltd. boosted its position in Madrigal Pharmaceuticals by 95.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 468 shares of the biopharmaceutical company’s stock worth $68,000 after acquiring an additional 228 shares during the period. Finally, Quantbot Technologies LP acquired a new position in Madrigal Pharmaceuticals during the 3rd quarter worth $72,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

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.