Madrigal Pharmaceuticals (NASDAQ:MDGL) Receives New Coverage from Analysts at Bank of America

Bank of America assumed coverage on shares of Madrigal Pharmaceuticals (NASDAQ:MDGL - Free Report) in a research report sent to investors on Monday, Marketbeat Ratings reports. The brokerage issued an underperform rating and a $150.00 price target on the biopharmaceutical company's stock.

Other research analysts have also issued research reports about the company. Oppenheimer upped their price target on Madrigal Pharmaceuticals from $320.00 to $375.00 and gave the company an outperform rating in a research report on Friday, March 15th. JMP Securities upped their price target on Madrigal Pharmaceuticals from $351.00 to $397.00 and gave the company an outperform rating in a research report on Friday, March 15th. Citigroup upped their price target on Madrigal Pharmaceuticals from $382.00 to $389.00 and gave the company a buy rating in a research report on Friday, March 15th. UBS Group upped their price target on Madrigal Pharmaceuticals from $337.00 to $410.00 and gave the company a buy rating in a research report on Friday, March 15th. Finally, TD Cowen upped their price target on Madrigal Pharmaceuticals from $349.00 to $390.00 and gave the company an outperform rating in a research report on Friday, March 15th. 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. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $356.73.

Madrigal Pharmaceuticals Trading Up 0.7 %

Shares of NASDAQ MDGL traded up $1.45 during midday trading on Monday, reaching $213.49. The company had a trading volume of 726,664 shares, compared to its average volume of 529,154. Madrigal Pharmaceuticals has a one year low of $119.76 and a one year high of $322.67. The company has a quick ratio of 5.38, a current ratio of 5.38 and a debt-to-equity ratio of 0.28. The firm's fifty day moving average price is $244.69 and its 200-day moving average price is $210.93. The stock has a market cap of $4.25 billion, a PE ratio of -9.98 and a beta of -0.47.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its earnings results on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) earnings per share for the quarter, missing analysts' consensus estimates of ($5.26) by ($0.42). During the same quarter in the prior year, the company earned ($4.98) earnings per share. On average, equities research analysts anticipate that Madrigal Pharmaceuticals will post -21.48 earnings per share for the current year.

Insider Buying and Selling

In related 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 value of $2,832,280.00. Following the sale, the director now owns 10,298 shares in the company, valued at approximately $2,651,529.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related 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 value of $2,832,280.00. Following the transaction, the director now directly owns 10,298 shares of the company's stock, valued at approximately $2,651,529.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Rebecca Taub sold 2,676 shares of the company's stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $245.99, for a total value of $658,269.24. Following the completion of the transaction, the chief marketing officer now directly owns 458,999 shares in the company, valued at $112,909,164.01. The disclosure for this sale can be found here. Insiders have sold 146,496 shares of company stock worth $31,362,420 in the last 90 days. Insiders own 23.92% of the company's stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MDGL. Montag A & Associates Inc. lifted its position in Madrigal Pharmaceuticals by 223.3% in the 3rd quarter. Montag A & Associates Inc. now owns 194 shares of the biopharmaceutical company's stock valued at $28,000 after acquiring an additional 134 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 454.5% during the 4th quarter. Global Retirement Partners LLC now owns 122 shares of the biopharmaceutical company's stock valued at $30,000 after buying an additional 100 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Madrigal Pharmaceuticals by 95.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 468 shares of the biopharmaceutical company's stock valued at $68,000 after buying an additional 228 shares during the period. Quantbot Technologies LP bought a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at $72,000. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 289.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 655 shares of the biopharmaceutical company's stock valued at $96,000 after buying an additional 487 shares during the period. 98.50% of the stock is owned by institutional investors.

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.