Madrigal Pharmaceuticals, Inc. (MDGL) Issues Quarterly Earnings Results
Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) posted its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.68) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.11, Bloomberg Earnings reports.
Madrigal Pharmaceuticals (MDGL) traded down $0.64 during midday trading on Friday, reaching $44.08. 85,641 shares of the company’s stock traded hands, compared to its average volume of 41,823. Madrigal Pharmaceuticals has a 12 month low of $13.09 and a 12 month high of $52.35.
MDGL has been the subject of several analyst reports. Evercore ISI initiated coverage on shares of Madrigal Pharmaceuticals in a report on Friday, September 22nd. They set an “outperform” rating and a $65.00 price target for the company. JMP Securities boosted their price target on shares of Madrigal Pharmaceuticals from $40.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, October 13th. Finally, Roth Capital initiated coverage on shares of Madrigal Pharmaceuticals in a report on Thursday, October 19th. They set a “buy” rating and a $62.00 price target for the company.
In related news, Director Richard S. Levy acquired 2,000 shares of Madrigal Pharmaceuticals stock in a transaction dated Wednesday, August 23rd. The stock was acquired at an average price of $16.12 per share, for a total transaction of $32,240.00. Following the transaction, the director now owns 7,200 shares of the company’s stock, valued at $116,064. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard S. Levy acquired 3,550 shares of Madrigal Pharmaceuticals stock in a transaction dated Monday, August 21st. The shares were bought at an average price of $15.88 per share, with a total value of $56,374.00. Following the transaction, the director now directly owns 900 shares in the company, valued at approximately $14,292. The disclosure for this purchase can be found here. Insiders have acquired a total of 9,100 shares of company stock valued at $145,840 in the last quarter. 66.40% of the stock is currently owned by company insiders.
A hedge fund recently bought a new stake in Madrigal Pharmaceuticals stock. State Street Corp acquired a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 33,170 shares of the biopharmaceutical company’s stock, valued at approximately $539,000. State Street Corp owned about 0.27% of Madrigal Pharmaceuticals at the end of the most recent quarter. Institutional investors and hedge funds own 16.86% of the company’s stock.
About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc, formerly Synta Pharmaceuticals Corp., is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular-metabolic diseases and nonalcoholic steatohepatitis (NASH). The Company’s lead product, MGL-3196, is a Phase II-ready once-daily, oral, liver-directed selective thyroid hormone receptor-b (THR-b) agonist for the treatment of NASH, and heterozygous and homozygous familial hypercholesterolemia (FH).
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