Madrigal Pharmaceuticals (NASDAQ:MDGL) Trading 6% Higher - What's Next?

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Get Free Report) shares were up 6% on Wednesday . The company traded as high as $300.94 and last traded at $299.31. Approximately 273,463 shares traded hands during trading, a decline of 28% from the average daily volume of 377,534 shares. The stock had previously closed at $282.32.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MDGL shares. UBS Group raised their price target on Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. JMP Securities reissued a "market outperform" rating and set a $443.00 price objective on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. HC Wainwright increased their price objective on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a "buy" rating in a report on Thursday, February 27th. Canaccord Genuity Group increased their price objective on Madrigal Pharmaceuticals from $394.00 to $420.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Finally, Wall Street Zen raised Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday, May 5th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $420.63.

Madrigal Pharmaceuticals Price Performance

The stock has a market cap of $6.47 billion, a price-to-earnings ratio of -11.62 and a beta of -1.08. The stock has a fifty day simple moving average of $297.71 and a 200-day simple moving average of $315.02. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its earnings results on Thursday, May 1st. The biopharmaceutical company reported ($3.32) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($3.62) by $0.30. The business had revenue of $137.25 million during the quarter, compared to analyst estimates of $112.79 million. During the same period last year, the business earned ($7.38) EPS. As a group, equities research analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Institutional Trading of Madrigal Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MDGL. VSM Wealth Advisory LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter worth approximately $25,000. Accent Capital Management LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter worth approximately $25,000. Summit Securities Group LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter worth approximately $33,000. Farther Finance Advisors LLC lifted its position 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 period. Finally, GAMMA Investing LLC lifted its position in shares of Madrigal Pharmaceuticals by 131.4% in the 1st quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock worth $39,000 after acquiring an additional 67 shares during the period. Institutional investors and hedge funds 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.