Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target Raised to $469.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price target increased by Citigroup from $378.00 to $469.00 in a research report report published on Thursday,Benzinga reports. Citigroup currently has a buy rating on the biopharmaceutical company’s stock.

Other equities research analysts have also recently issued research reports about the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $427.00 price target on shares of Madrigal Pharmaceuticals in a report on Friday, January 10th. HC Wainwright boosted their target price on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a “buy” rating in a report on Thursday. UBS Group boosted their price target on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Cantor Fitzgerald reiterated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 20th. Finally, B. Riley upped their target price on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $375.75.

Madrigal Pharmaceuticals Price Performance

MDGL stock opened at $341.27 on Thursday. The company has a market capitalization of $7.44 billion, a P/E ratio of -13.61 and a beta of -0.38. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.93 and a current ratio of 5.98. Madrigal Pharmaceuticals has a 52-week low of $189.00 and a 52-week high of $377.46. The business has a 50-day simple moving average of $322.93 and a two-hundred day simple moving average of $284.74.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) EPS for the quarter, topping the consensus estimate of ($4.32) by $1.61. The firm had revenue of $103.32 million for the quarter, compared to the consensus estimate of $97.81 million. Research analysts expect that Madrigal Pharmaceuticals will post -23.47 EPS for the current fiscal year.

Insider Activity

In other Madrigal Pharmaceuticals news, Director Fred B. Craves sold 3,600 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $315.31, for a total value of $1,135,116.00. Following the sale, the director now owns 11,000 shares in the company, valued at approximately $3,468,410. This represents a 24.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William John Sibold sold 1,584 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $335.24, for a total transaction of $531,020.16. Following the completion of the sale, the chief executive officer now owns 54,303 shares in the company, valued at approximately $18,204,537.72. This trade represents a 2.83 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,160 shares of company stock valued at $8,067,652. Insiders own 22.80% of the company’s stock.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

A number of institutional investors have recently made changes to their positions in MDGL. Creative Planning grew its holdings in shares of Madrigal Pharmaceuticals by 2.7% during the third quarter. Creative Planning now owns 3,299 shares of the biopharmaceutical company’s stock valued at $700,000 after buying an additional 87 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Madrigal Pharmaceuticals by 47.6% in the third quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company’s stock worth $45,000 after acquiring an additional 68 shares during the period. Verity Asset Management Inc. raised its position in Madrigal Pharmaceuticals by 7.4% in the third quarter. Verity Asset Management Inc. now owns 1,466 shares of the biopharmaceutical company’s stock worth $311,000 after acquiring an additional 101 shares during the period. Assetmark Inc. raised its position in Madrigal Pharmaceuticals by 8.3% in the third quarter. Assetmark Inc. now owns 3,942 shares of the biopharmaceutical company’s stock worth $837,000 after acquiring an additional 303 shares during the period. Finally, Victory Capital Management Inc. raised its position in Madrigal Pharmaceuticals by 1.8% in the third quarter. Victory Capital Management Inc. now owns 2,292 shares of the biopharmaceutical company’s stock worth $486,000 after acquiring an additional 40 shares during the period. Hedge funds and other institutional investors 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.