Canaccord Genuity Group Forecasts Strong Price Appreciation for Madrigal Pharmaceuticals (NASDAQ:MDGL) Stock

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price target boosted by Canaccord Genuity Group from $526.00 to $587.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 14.02% from the company’s current price.

Several other equities analysts have also issued reports on MDGL. Truist Financial started coverage on Madrigal Pharmaceuticals in a research report on Tuesday, October 14th. They set a “buy” rating and a $580.00 price target on the stock. Piper Sandler raised their target price on shares of Madrigal Pharmaceuticals from $400.00 to $540.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. TD Cowen upped their price target on shares of Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a “buy” rating in a report on Tuesday, August 26th. HC Wainwright increased their price target on shares of Madrigal Pharmaceuticals from $500.00 to $568.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Bank of America upgraded shares of Madrigal Pharmaceuticals from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $266.00 to $445.00 in a research report on Monday, November 3rd. Thirteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Madrigal Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $539.17.

Madrigal Pharmaceuticals Price Performance

NASDAQ:MDGL traded down $14.10 during mid-day trading on Thursday, reaching $514.84. The stock had a trading volume of 193,570 shares, compared to its average volume of 372,674. The stock has a market capitalization of $11.69 billion, a P/E ratio of -40.07 and a beta of -1.04. The firm has a 50 day moving average price of $442.28 and a two-hundred day moving average price of $362.34. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11. Madrigal Pharmaceuticals has a one year low of $265.00 and a one year high of $544.25.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.01) by ($3.07). Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%. As a group, analysts expect that Madrigal Pharmaceuticals will post -23.47 earnings per share for the current year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 7,279 shares of the business’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $445.63, for a total value of $3,243,740.77. Following the sale, the chief executive officer directly owned 102,474 shares of the company’s stock, valued at approximately $45,665,488.62. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Bros. Advisors Lp Baker purchased 59,901 shares of the stock in a transaction dated Wednesday, August 20th. The stock was bought at an average cost of $385.16 per share, with a total value of $23,071,469.16. Following the transaction, the director owned 1,947,968 shares in the company, valued at $750,279,354.88. The trade was a 3.17% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders bought 165,683 shares of company stock valued at $61,921,142 and sold 42,774 shares valued at $18,450,408. 21.50% of the stock is currently owned by company insiders.

Institutional Trading of Madrigal Pharmaceuticals

A number of large investors have recently made changes to their positions in MDGL. Mather Group LLC. bought a new position in Madrigal Pharmaceuticals during the third quarter valued at approximately $33,000. Global Retirement Partners LLC raised its stake in Madrigal Pharmaceuticals by 221.7% during the 3rd quarter. Global Retirement Partners LLC now owns 74 shares of the biopharmaceutical company’s stock valued at $34,000 after buying an additional 51 shares during the last quarter. VSM Wealth Advisory LLC bought a new position in shares of Madrigal Pharmaceuticals during the 1st quarter valued at $25,000. Accent Capital Management LLC bought a new position in shares of Madrigal Pharmaceuticals during the 1st quarter valued at $25,000. Finally, First Horizon Corp purchased a new position in shares of Madrigal Pharmaceuticals in the 3rd quarter worth $34,000. 98.50% of the stock is currently owned by institutional investors.

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.