Madrigal Pharmaceuticals (NASDAQ:MDGL) Stock Gets Price Target Increase from Citigroup

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price objective increased by investment analysts at Citigroup from $725.00 to $760.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup‘s price target indicates a potential upside of 89.72% from the company’s current price.

Several other analysts have also commented on MDGL. HC Wainwright reaffirmed a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 31st. UBS Group reissued a “buy” rating and set a $735.00 price objective on shares of Madrigal Pharmaceuticals in a report on Wednesday, October 14th. Wolfe Research upgraded shares of Madrigal Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $605.00 target price on the stock in a research note on Tuesday, August 4th. Wells Fargo & Company assumed coverage on shares of Madrigal Pharmaceuticals in a report on Monday, July 27th. They issued an “overweight” rating and a $685.00 target price on the stock. Finally, The Goldman Sachs Group assumed coverage on shares of Madrigal Pharmaceuticals in a research report on Thursday, September 24th. They set a “buy” rating and a $704.00 target price for the company. Fifteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $701.53.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL stock traded down $30.55 during mid-day trading on Tuesday, reaching $400.60. The company’s stock had a trading volume of 1,136,596 shares, compared to its average volume of 332,888. The firm’s 50-day moving average is $496.95 and its two-hundred day moving average is $499.47. The company has a market cap of $9.25 billion, a P/E ratio of -31.02 and a beta of -1.04. Madrigal Pharmaceuticals has a 1-year low of $398.13 and a 1-year high of $615.00. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.94 and a current ratio of 3.20.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Tuesday, November 3rd. The biopharmaceutical company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of ($1.09) by $2.92. The business had revenue of $431.27 million for the quarter, compared to analysts’ expectations of $404.17 million. Madrigal Pharmaceuticals had a negative net margin of 25.32% and a negative return on equity of 56.65%. During the same quarter in the previous year, the firm posted ($5.08) earnings per share. On average, research analysts predict that Madrigal Pharmaceuticals will post -7.03 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO William Sibold sold 6,362 shares of Madrigal Pharmaceuticals stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $535.59, for a total value of $3,407,423.58. Following the completion of the transaction, the chief executive officer directly owned 202,967 shares of the company’s stock, valued at $108,707,095.53. The trade was a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Shannon T. Kelley sold 664 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $514.97, for a total transaction of $341,940.08. Following the transaction, the general counsel owned 11,474 shares in the company, valued at approximately $5,908,765.78. This trade represents a 5.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 12,247 shares of company stock worth $6,581,182. Insiders own 17.60% of the company’s stock.

Institutional Trading of Madrigal Pharmaceuticals

Several hedge funds have recently modified their holdings of MDGL. Janus Henderson Group PLC raised its position in Madrigal Pharmaceuticals by 27.4% in the 1st quarter. Janus Henderson Group PLC now owns 2,018,647 shares of the biopharmaceutical company’s stock worth $1,051,727,000 after purchasing an additional 433,804 shares during the last quarter. Jupiter Topco LLC bought a new position in Madrigal Pharmaceuticals in the 2nd quarter valued at $1,039,650,000. Paulson & CO. Inc. bought a new position in Madrigal Pharmaceuticals in the 2nd quarter valued at $719,524,000. BlackRock Inc. acquired a new stake in shares of Madrigal Pharmaceuticals in the 2nd quarter valued at $644,753,000. Finally, Wellington Management Group LLP increased its stake in shares of Madrigal Pharmaceuticals by 18.8% in the 2nd quarter. Wellington Management Group LLP now owns 825,714 shares of the biopharmaceutical company’s stock valued at $443,367,000 after buying an additional 130,756 shares during the period. 98.50% of the stock is owned by institutional investors.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing medicines for nonalcoholic steatohepatitis, now known as metabolic dysfunction-associated steatohepatitis (MASH), and other chronic liver diseases. The company is headquartered in West Conshohocken, Pennsylvania.

Madrigal’s lead product is Rezdiffra (resmetirom), an orally administered thyroid hormone receptor beta agonist designed to target key drivers of liver disease, including hepatic fat accumulation and fibrosis.