Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target Raised to $428.00

Key Points

• Canaccord Genuity Group has raised its price target for Madrigal Pharmaceuticals from $420.00 to $428.00, indicating a potential 27.38% upside from the current price.
• Multiple research firms, including UBS Group and JMP Securities, have issued buy ratings and increased their price targets for Madrigal Pharmaceuticals, with UBS setting a target as high as $458.00.
• Madrigal Pharmaceuticals reported a significant rise in revenue of 1357.5% year-over-year, with quarterly earnings beating expectations at ($1.90) EPS against a consensus of ($3.48).

Madrigal Pharmaceuticals (NASDAQ:MDGL - Free Report) had its price target hoisted by Canaccord Genuity Group from $420.00 to $428.00 in a research note issued to investors on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the biopharmaceutical company's stock.

MDGL has been the subject of a number of other reports. B. Riley reiterated a "buy" rating and issued a $460.00 price target (up from $422.00) on shares of Madrigal Pharmaceuticals in a research note on Friday, May 2nd. JMP Securities reiterated a "market outperform" rating and issued a $443.00 price target on shares of Madrigal Pharmaceuticals in a research report on Thursday, April 24th. UBS Group boosted their target price on shares of Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Finally, Wall Street Zen raised shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday, May 5th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $430.43.

Madrigal Pharmaceuticals Trading Up 1.0%

Shares of NASDAQ:MDGL traded up $3.44 on Wednesday, hitting $345.73. The company had a trading volume of 353,096 shares, compared to its average volume of 450,679. The firm's 50-day simple moving average is $301.66 and its two-hundred day simple moving average is $312.83. Madrigal Pharmaceuticals has a 1 year low of $200.63 and a 1 year high of $377.46. The company has a quick ratio of 4.78, a current ratio of 5.11 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $7.68 billion, a price-to-earnings ratio of -26.91 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($3.48) by $1.58. The company had revenue of $212.80 million during the quarter, compared to analysts' expectations of $158.94 million. Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. Madrigal Pharmaceuticals's revenue was up 1357.5% on a year-over-year basis. During the same period last year, the company posted ($7.10) EPS. Equities analysts anticipate that Madrigal Pharmaceuticals will post -23.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, Director Rebecca Taub sold 26,444 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $353.47, for a total transaction of $9,347,160.68. Following the transaction, the director owned 461,044 shares in the company, valued at $162,965,222.68. The trade was a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul A. Friedman sold 26,176 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $353.47, for a total transaction of $9,252,430.72. Following the transaction, the director owned 187,164 shares in the company, valued at $66,156,859.08. This trade represents a 12.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,377 shares of company stock worth $21,316,969 in the last quarter. Company insiders own 21.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. VSM Wealth Advisory LLC bought a new position in shares of Madrigal Pharmaceuticals in the first quarter worth about $25,000. Accent Capital Management LLC bought a new position in shares of Madrigal Pharmaceuticals in the first quarter worth about $25,000. AlphaQuest LLC grew its holdings in shares of Madrigal Pharmaceuticals by 412.5% in the second quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company's stock worth $25,000 after purchasing an additional 66 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Madrigal Pharmaceuticals in the first quarter worth about $33,000. Finally, Farther Finance Advisors LLC grew its holdings in Madrigal Pharmaceuticals by 825.0% during the 1st quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company's stock worth $36,000 after acquiring an additional 99 shares in the last quarter. Institutional investors 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.