Madrigal Pharmaceuticals (NASDAQ:MDGL) Hits New 52-Week High After Analyst Upgrade

Key Points

• Madrigal Pharmaceuticals reached a new 52-week high after analyst upgrades, with B. Riley raising its price target from $460.00 to $560.00, maintaining a buy rating on the stock.
• In recent transactions, Director Bros. Advisors Lp Baker purchased 68,618 shares, increasing their ownership, while CEO William John Sibold sold 7,616 shares, reducing his ownership by 6.49%.
• Equities analysts have a consensus target price of $495.88 for Madrigal Pharmaceuticals, with nine analysts rating it a buy and one issuing a hold rating.

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Get Free Report)'s share price reached a new 52-week high on Tuesday after B. Riley raised their price target on the stock from $460.00 to $560.00. B. Riley currently has a buy rating on the stock. Madrigal Pharmaceuticals traded as high as $459.54 and last traded at $458.97, with a volume of 332508 shares changing hands. The stock had previously closed at $443.10.

A number of other equities research analysts have also weighed in on the stock. TD Cowen lifted their target price on shares of Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Cowen reaffirmed a "buy" rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 26th. JMP Securities lifted their target price on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the company a "market outperform" rating in a research note on Wednesday, August 20th. HC Wainwright began coverage on shares of Madrigal Pharmaceuticals in a research note on Thursday, September 4th. They set a "buy" rating and a $500.00 target price on the stock. Finally, Canaccord Genuity Group lifted their target price on shares of Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $495.88.

Insiders Place Their Bets

In other news, Director Bros. Advisors Lp Baker bought 68,618 shares of the firm's stock in a transaction on Monday, August 18th. The stock was acquired at an average cost of $364.04 per share, with a total value of $24,979,696.72. Following the completion of the acquisition, the director owned 1,859,091 shares of the company's stock, valued at approximately $676,783,487.64. This represents a 3.83% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William John Sibold sold 7,616 shares of Madrigal Pharmaceuticals stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $400.18, for a total transaction 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 trade represents a 6.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders bought 165,683 shares of company stock valued at $61,921,142 and sold 309,019 shares valued at $112,705,072. 21.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

A number of hedge funds have recently modified their holdings of MDGL. VSM Wealth Advisory LLC bought a new position in shares of Madrigal Pharmaceuticals during the first quarter worth $25,000. Accent Capital Management LLC purchased a new stake in Madrigal Pharmaceuticals during the first quarter valued at $25,000. AlphaQuest LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 412.5% in the 2nd quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company's stock worth $25,000 after acquiring an additional 66 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter worth about $33,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 825.0% in 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 during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Madrigal Pharmaceuticals Stock Up 3.5%

The stock has a market cap of $10.18 billion, a P/E ratio of -35.69 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. The company's fifty day moving average price is $389.03 and its 200-day moving average price is $334.37.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last issued 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 business had revenue of $212.80 million for the quarter, compared to analyst estimates of $158.94 million. Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. The company's quarterly revenue was up 1357.5% compared to the same quarter last year. During the same period last year, the company posted ($7.10) earnings per share. Equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

About Madrigal Pharmaceuticals

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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