Madrigal Pharmaceuticals (NASDAQ:MDGL) Hits New 1-Year High - Here's Why

Key Points

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Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $393.76 and last traded at $391.43, with a volume of 805015 shares traded. The stock had previously closed at $369.84.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on MDGL shares. Canaccord Genuity Group upped their target price on shares of Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. JMP Securities restated a "market outperform" rating and issued a $443.00 target price on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. UBS Group restated a "buy" rating and issued a $523.00 target price (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. Wall Street Zen upgraded shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday, May 5th. Finally, B. Riley reiterated a "buy" rating and issued a $460.00 price objective (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a research note on Friday, May 2nd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $439.71.

Madrigal Pharmaceuticals Stock Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11. The stock has a market cap of $8.69 billion, a PE ratio of -30.46 and a beta of -1.02. The company's 50 day simple moving average is $312.58 and its 200 day simple moving average is $314.57.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its earnings results 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. 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 during the quarter, compared to the consensus estimate of $158.94 million. During the same period in the prior year, the firm earned ($7.10) EPS. The company's revenue was up 1357.5% compared to the same quarter last year. Analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Paul A. Friedman sold 129,172 shares of the firm'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 transaction, the director directly owned 187,164 shares of the company's stock, valued at approximately $69,295,599.36. This trade represents a 40.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth Bate sold 10,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the director directly owned 2,627 shares of the company's stock, valued at approximately $959,380.40. This trade represents a 79.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 294,124 shares of company stock valued at $106,413,560. Company insiders own 21.50% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MDGL. Adage Capital Partners GP L.L.C. boosted its holdings in Madrigal Pharmaceuticals by 96.3% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 376,163 shares of the biopharmaceutical company's stock valued at $113,842,000 after purchasing an additional 184,554 shares during the period. Norges Bank bought a new position in Madrigal Pharmaceuticals in the 2nd quarter valued at $53,406,000. Woodline Partners LP boosted its holdings in Madrigal Pharmaceuticals by 110.2% in the 4th quarter. Woodline Partners LP now owns 309,117 shares of the biopharmaceutical company's stock valued at $95,384,000 after purchasing an additional 162,027 shares during the period. Hood River Capital Management LLC bought a new position in Madrigal Pharmaceuticals in the 4th quarter valued at $39,447,000. Finally, MPM Bioimpact LLC bought a new position in Madrigal Pharmaceuticals in the 1st quarter valued at $33,260,000. 98.50% of the stock is 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.

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