Citigroup Lowers Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target to $382.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its target price decreased by stock analysts at Citigroup from $389.00 to $382.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price objective would indicate a potential upside of 83.57% from the company’s previous close.

Other analysts have also recently issued reports about the company. B. Riley raised Madrigal Pharmaceuticals from a “sell” rating to a “neutral” rating and raised their price target for the company from $155.00 to $270.00 in a report on Friday, March 15th. HC Wainwright lowered their target price on Madrigal Pharmaceuticals from $425.00 to $390.00 and set a “buy” rating on the stock in a report on Wednesday. Piper Sandler reaffirmed an “overweight” rating and issued a $336.00 target price on shares of Madrigal Pharmaceuticals in a research note on Thursday, March 14th. StockNews.com raised Madrigal Pharmaceuticals to a “sell” rating in a research note on Friday, April 12th. Finally, Bank of America started coverage on Madrigal Pharmaceuticals in a research report on Monday, April 22nd. They issued an “underperform” rating and a $150.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $351.45.

Madrigal Pharmaceuticals Stock Performance

Madrigal Pharmaceuticals stock traded down $9.87 during mid-day trading on Wednesday, reaching $208.09. 565,316 shares of the company were exchanged, compared to its average volume of 525,390. The firm has a market cap of $4.43 billion, a PE ratio of -10.40 and a beta of -0.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 5.38 and a current ratio of 5.38. The firm’s 50-day simple moving average is $240.62 and its two-hundred day simple moving average is $217.08. Madrigal Pharmaceuticals has a twelve month low of $119.76 and a twelve month high of $311.56.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($7.38) EPS for the quarter, missing the consensus estimate of ($6.06) by ($1.32). During the same period in the prior year, the business posted ($4.23) EPS. Equities analysts predict that Madrigal Pharmaceuticals will post -21.86 earnings per share for the current fiscal year.

Insider Activity at Madrigal Pharmaceuticals

In other news, CMO Rebecca Taub sold 2,676 shares of the firm’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $245.99, for a total value of $658,269.24. Following the transaction, the chief marketing officer now owns 458,999 shares of the company’s stock, valued at approximately $112,909,164.01. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director James M. Daly sold 32,489 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $102.77, for a total transaction of $3,338,894.53. Following the transaction, the director now directly owns 1,198 shares of the company’s stock, valued at $123,118.46. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CMO Rebecca Taub sold 2,676 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $245.99, for a total transaction of $658,269.24. Following the completion of the transaction, the chief marketing officer now owns 458,999 shares of the company’s stock, valued at $112,909,164.01. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,496 shares of company stock worth $31,362,420. Company insiders own 23.92% of the company’s stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Montag A & Associates Inc. lifted its stake in shares of Madrigal Pharmaceuticals by 223.3% in 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 in the last quarter. Global Retirement Partners LLC raised its position in shares of Madrigal Pharmaceuticals by 454.5% in the 4th quarter. Global Retirement Partners LLC now owns 122 shares of the biopharmaceutical company’s stock valued at $30,000 after purchasing an additional 100 shares in the last quarter. UMB Bank n.a. purchased a new position in shares of Madrigal Pharmaceuticals during the 1st quarter valued at approximately $53,000. China Universal Asset Management Co. Ltd. grew its position in shares of Madrigal Pharmaceuticals by 95.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 468 shares of the biopharmaceutical company’s stock worth $68,000 after buying an additional 228 shares in the last quarter. Finally, BNP Paribas acquired a new stake in Madrigal Pharmaceuticals in the first quarter valued at $68,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.