Madrigal Pharmaceuticals (NASDAQ:MDGL) Shares Gap Down to $235.57

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $235.57, but opened at $222.00. Madrigal Pharmaceuticals shares last traded at $226.40, with a volume of 84,303 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Bank of America initiated coverage on Madrigal Pharmaceuticals in a report on Monday, April 22nd. They issued an "underperform" rating and a $150.00 price target for the company. Canaccord Genuity Group raised their target price on shares of Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the company a "buy" rating in a research note on Friday, March 15th. TD Cowen upped their price target on shares of Madrigal Pharmaceuticals from $349.00 to $390.00 and gave the stock an "outperform" rating in a research report on Friday, March 15th. B. Riley raised Madrigal Pharmaceuticals from a "sell" rating to a "neutral" rating and raised their price objective for the company from $155.00 to $270.00 in a research report on Friday, March 15th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $336.00 target price on shares of Madrigal Pharmaceuticals in a research report on Thursday, March 14th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $356.73.

Madrigal Pharmaceuticals Stock Performance

The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of -10.93 and a beta of -0.33. The company has a current ratio of 5.38, a quick ratio of 5.38 and a debt-to-equity ratio of 0.28. The stock has a 50-day simple moving average of $241.05 and a 200-day simple moving average of $216.47.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) EPS for the quarter, missing analysts' consensus estimates of ($5.26) by ($0.42). During the same period last year, the business posted ($4.98) earnings per share. On average, analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -21.86 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Richard S. Levy sold 11,000 shares of the firm's stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $257.48, for a total value of $2,832,280.00. Following the transaction, the director now directly owns 10,298 shares in the company, valued at approximately $2,651,529.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Richard S. Levy sold 11,000 shares of the company's stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $257.48, for a total transaction of $2,832,280.00. Following the completion of the transaction, the director now directly owns 10,298 shares of the company's stock, valued at $2,651,529.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul A. Friedman sold 26,270 shares of the business's stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $246.19, for a total value of $6,467,411.30. Following the transaction, the director now owns 185,735 shares of the company's stock, valued at approximately $45,726,099.65. The disclosure for this sale can be found here. Insiders sold a total of 146,496 shares of company stock valued at $31,362,420 over the last 90 days. 23.92% of the stock is owned by company insiders.

Institutional Trading of Madrigal Pharmaceuticals

Several hedge funds have recently bought and sold shares of the company. Amalgamated Bank increased its stake in shares of Madrigal Pharmaceuticals by 2.8% in the fourth quarter. Amalgamated Bank now owns 2,119 shares of the biopharmaceutical company's stock valued at $490,000 after purchasing an additional 57 shares during the period. Knights of Columbus Asset Advisors LLC raised its stake in Madrigal Pharmaceuticals by 1.7% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 4,309 shares of the biopharmaceutical company's stock valued at $629,000 after acquiring an additional 74 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of Madrigal Pharmaceuticals by 454.5% in the fourth quarter. Global Retirement Partners LLC now owns 122 shares of the biopharmaceutical company's stock worth $30,000 after purchasing an additional 100 shares in the last quarter. Dana Investment Advisors Inc. grew its stake in shares of Madrigal Pharmaceuticals by 4.1% in the fourth quarter. Dana Investment Advisors Inc. now owns 3,171 shares of the biopharmaceutical company's stock worth $734,000 after purchasing an additional 124 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Madrigal Pharmaceuticals by 3.3% during the first quarter. Principal Financial Group Inc. now owns 4,002 shares of the biopharmaceutical company's stock valued at $1,069,000 after purchasing an additional 127 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.