Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target Raised to $526.00

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 - Free Report) had its price target boosted by Canaccord Genuity Group from $428.00 to $526.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the biopharmaceutical company's stock.

MDGL has been the subject of a number of other research reports. UBS Group restated a "buy" rating and issued a $523.00 price objective (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. HC Wainwright started coverage on shares of Madrigal Pharmaceuticals in a report on Thursday, September 4th. They set a "buy" rating and a $500.00 price target for the company. Cowen reiterated a "buy" rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 26th. JMP Securities boosted their price objective on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a "market outperform" rating in a research report on Wednesday, August 20th. Finally, 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 research report on Tuesday, August 26th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $483.38.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL stock traded down $2.06 during trading hours on Friday, hitting $424.99. The company's stock had a trading volume of 97,592 shares, compared to its average volume of 375,772. The company has a 50 day moving average of $369.63 and a 200 day moving average of $327.93. The stock has a market cap of $9.43 billion, a PE ratio of -33.09 and a beta of -1.02. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17. Madrigal Pharmaceuticals has a 12-month low of $200.63 and a 12-month high of $457.16.

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

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 7,616 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $43,920,955.54. This represents a 6.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Bros. Advisors Lp Baker bought 68,618 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was purchased at an average cost of $364.04 per share, for a total transaction of $24,979,696.72. Following the transaction, the director owned 1,859,091 shares in the company, valued at $676,783,487.64. The trade was a 3.83% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 165,683 shares of company stock worth $61,921,142 and have sold 309,019 shares worth $112,705,072. Insiders own 21.50% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. VSM Wealth Advisory LLC bought a new position in shares of Madrigal Pharmaceuticals during the 1st quarter worth approximately $25,000. Accent Capital Management LLC bought a new position in shares of Madrigal Pharmaceuticals during the 1st quarter worth approximately $25,000. AlphaQuest LLC boosted its stake in Madrigal Pharmaceuticals by 412.5% in the 2nd quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company's stock valued at $25,000 after purchasing an additional 66 shares during the period. Summit Securities Group LLC bought a new stake in Madrigal Pharmaceuticals in the 1st quarter valued at $33,000. Finally, Farther Finance Advisors LLC boosted its stake in Madrigal Pharmaceuticals by 825.0% in the 1st quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company's stock valued at $36,000 after purchasing an additional 99 shares during the period. 98.50% of the stock is currently owned by 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.