Madrigal Pharmaceuticals (NASDAQ:MDGL) Given New $526.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has raised the target price for Madrigal Pharmaceuticals from $428.00 to $526.00, indicating a potential upside of 19.70% from its current price.
• The company reported a quarterly revenue of $212.80 million, exceeding estimates and reflecting a significant 1357.5% year-over-year growth.
• Madrigal Pharmaceuticals has received multiple "buy" ratings from analysts, with an average price target of $483.38 across ratings.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) had its target price boosted by stock analysts at Canaccord Genuity Group from $428.00 to $526.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock. Canaccord Genuity Group's target price would indicate a potential upside of 19.70% from the stock's current price.

Several other analysts have also recently issued reports on MDGL. JMP Securities increased their target price on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a "market outperform" rating in a research report on Wednesday, August 20th. UBS Group reaffirmed a "buy" rating and issued a $523.00 price objective (up from $458.00) on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 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 objective for the company. TD Cowen lifted their target price on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Finally, Cowen reaffirmed a "buy" rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 26th. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Madrigal Pharmaceuticals has an average rating of "Moderate Buy" and an average price target of $483.38.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL stock opened at $439.45 on Friday. The stock has a market cap of $9.76 billion, a price-to-earnings ratio of -34.20 and a beta of -1.02. The business's fifty day moving average is $361.44 and its 200 day moving average is $326.07. Madrigal Pharmaceuticals has a twelve month low of $200.63 and a twelve month high of $457.16. The company has a quick ratio of 4.78, a current ratio of 5.11 and a debt-to-equity ratio of 0.17.

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

Insider Activity

In related news, Director Kenneth Bate sold 10,000 shares of the business's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $365.20, for a total transaction of $3,652,000.00. Following the transaction, the director directly owned 2,627 shares in the company, valued at $959,380.40. The trade was a 79.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William John Sibold sold 7,616 shares of the business's stock in a transaction 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 transaction, the chief executive officer owned 109,753 shares in the company, valued at approximately $43,920,955.54. This trade represents a 6.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders bought 165,683 shares of company stock worth $61,921,142 and sold 309,019 shares worth $112,705,072. Corporate insiders own 21.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cetera Investment Advisers grew its stake in Madrigal Pharmaceuticals by 85.5% during the 4th quarter. Cetera Investment Advisers now owns 2,882 shares of the biopharmaceutical company's stock valued at $889,000 after purchasing an additional 1,328 shares during the last quarter. Graham Capital Management L.P. purchased a new stake in Madrigal Pharmaceuticals during the 4th quarter valued at about $203,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Madrigal Pharmaceuticals by 1.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,162 shares of the biopharmaceutical company's stock valued at $4,374,000 after purchasing an additional 138 shares during the last quarter. Man Group plc purchased a new stake in Madrigal Pharmaceuticals during the 4th quarter valued at about $2,622,000. Finally, ProShare Advisors LLC grew its stake in Madrigal Pharmaceuticals by 32.6% during the 4th quarter. ProShare Advisors LLC now owns 6,096 shares of the biopharmaceutical company's stock valued at $1,881,000 after purchasing an additional 1,498 shares during the last quarter. 98.50% of the stock is currently 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.

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