B. Riley Issues Positive Forecast for Madrigal Pharmaceuticals (NASDAQ:MDGL) Stock Price

Key Points

• B. Riley raised its price target for Madrigal Pharmaceuticals from $460 to $560, indicating a potential upside of 28.06% from the current stock price, and maintains a "buy" rating.
• Other analysts, including TD Cowen and Canaccord Genuity, also increased their price targets for Madrigal, with an average target of approximately **$495.88** and a consensus rating of "Moderate Buy."
• Madrigal reported a significant year-over-year revenue increase of 1357.5% for the last quarter, with earnings per share beating consensus estimates, although the company remains in negative territory with a return on equity of -38.38%.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) had its price target increased by equities research analysts at B. Riley from $460.00 to $560.00 in a report released on Monday,Benzinga reports. The firm currently has a "buy" rating on the biopharmaceutical company's stock. B. Riley's target price points to a potential upside of 28.06% from the stock's previous close.

A number of other research analysts have also weighed in on the company. TD Cowen raised their price objective on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Canaccord Genuity Group lifted their price target on Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the stock a "buy" rating in a report on Friday, September 12th. HC Wainwright initiated coverage on Madrigal Pharmaceuticals in a report on Thursday, September 4th. They set a "buy" rating and a $500.00 price target on the stock. UBS Group restated a "buy" rating and issued a $523.00 price objective (up from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. Finally, Cowen restated a "buy" rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 26th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $495.88.

Madrigal Pharmaceuticals Price Performance

Madrigal Pharmaceuticals stock traded up $13.05 during trading on Monday, reaching $437.28. The company had a trading volume of 100,659 shares, compared to its average volume of 374,397. The firm's 50-day simple moving average is $386.79 and its 200 day simple moving average is $333.71. Madrigal Pharmaceuticals has a 1-year low of $200.63 and a 1-year high of $457.16. The firm has a market capitalization of $9.71 billion, a PE ratio of -34.15 and a beta of -1.02. 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 (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share for the quarter, beating analysts' consensus estimates of ($3.48) by $1.58. The company had revenue of $212.80 million for the quarter, compared to analyst estimates of $158.94 million. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%.The firm's revenue for the quarter was up 1357.5% on a year-over-year basis. During the same quarter last year, the firm posted ($7.10) EPS. As a group, equities research analysts anticipate that Madrigal Pharmaceuticals will post -23.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In related news, CEO William John Sibold sold 7,616 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $400.18, for a total value of $3,047,770.88. Following the completion of the transaction, the chief executive officer directly owned 109,753 shares of the company's stock, valued at $43,920,955.54. This represents a 6.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul A. Friedman sold 129,172 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $370.24, for a total value of $47,824,641.28. Following the completion of the sale, the director owned 187,164 shares of the company's stock, valued at approximately $69,295,599.36. This represents a 40.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 165,683 shares of company stock valued at $61,921,142 and sold 309,019 shares valued at $112,705,072. Corporate insiders own 21.50% of the company's stock.

Institutional Trading of Madrigal Pharmaceuticals

Large investors have recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. raised its stake in shares of Madrigal Pharmaceuticals by 0.7% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 4,459 shares of the biopharmaceutical company's stock worth $1,349,000 after buying an additional 30 shares in the last quarter. Mutual of America Capital Management LLC raised its stake in shares of Madrigal Pharmaceuticals by 0.3% in the 1st quarter. Mutual of America Capital Management LLC now owns 11,263 shares of the biopharmaceutical company's stock worth $3,731,000 after buying an additional 31 shares in the last quarter. Park Avenue Securities LLC raised its stake in shares of Madrigal Pharmaceuticals by 6.6% in the 2nd quarter. Park Avenue Securities LLC now owns 699 shares of the biopharmaceutical company's stock worth $212,000 after buying an additional 43 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of Madrigal Pharmaceuticals by 38.9% in the 1st quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company's stock worth $52,000 after buying an additional 44 shares in the last quarter. Finally, Orion Porfolio Solutions LLC raised its position in shares of Madrigal Pharmaceuticals by 1.3% during the second quarter. Orion Porfolio Solutions LLC now owns 3,638 shares of the biopharmaceutical company's stock worth $1,101,000 after purchasing an additional 47 shares during the period. Institutional investors and hedge funds own 98.50% of the company's stock.

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.

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