Citigroup Cuts Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target to $382.00

Madrigal Pharmaceuticals (NASDAQ:MDGL - Free Report) had its target price lowered by Citigroup from $389.00 to $382.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has a buy rating on the biopharmaceutical company's stock.

Several other research firms have also recently commented on MDGL. Evercore ISI lifted their target price on shares of Madrigal Pharmaceuticals from $325.00 to $405.00 and gave the stock an outperform rating in a research note on Wednesday, March 20th. UBS Group upped their target price on Madrigal Pharmaceuticals from $337.00 to $410.00 and gave the company a buy rating in a research note on Friday, March 15th. HC Wainwright reduced their target price on Madrigal Pharmaceuticals from $425.00 to $390.00 and set a buy rating on the stock in a research report on Wednesday. Oppenheimer lifted their price target on Madrigal Pharmaceuticals from $320.00 to $375.00 and gave the company an outperform rating in a report on Friday, March 15th. Finally, Bank of America started coverage on shares of Madrigal Pharmaceuticals in a report on Monday, April 22nd. They set an underperform rating and a $150.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $351.45.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL traded down $9.92 during trading hours on Wednesday, reaching $208.04. 690,489 shares of the company traded hands, compared to its average volume of 526,955. The stock has a market capitalization of $4.43 billion, a PE ratio of -10.43 and a beta of -0.33. The stock has a fifty day simple moving average of $239.69 and a 200 day simple moving average of $217.02. Madrigal Pharmaceuticals has a fifty-two week low of $119.76 and a fifty-two week high of $311.56. The company has a quick ratio of 5.38, a current ratio of 5.38 and a debt-to-equity ratio of 0.28.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($7.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($6.06) by ($1.32). During the same period in the prior year, the business earned ($4.23) EPS. As a group, research analysts predict that Madrigal Pharmaceuticals will post -21.86 EPS for the current fiscal year.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CMO Rebecca Taub sold 2,676 shares of the business's stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $245.99, for a total transaction of $658,269.24. Following the transaction, the chief marketing officer now owns 458,999 shares in the company, valued at $112,909,164.01. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director James M. Daly sold 32,489 shares of the company's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $102.77, for a total value of $3,338,894.53. Following the completion of the transaction, the director now directly owns 1,198 shares in the company, valued at $123,118.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Rebecca Taub sold 2,676 shares of Madrigal Pharmaceuticals stock in a transaction on Monday, April 8th. The stock was sold at an average price of $245.99, for a total transaction of $658,269.24. Following the sale, the chief marketing officer now directly owns 458,999 shares in the company, valued at approximately $112,909,164.01. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,496 shares of company stock worth $31,362,420. Company insiders own 23.92% of the company's stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James & Associates grew its stake in Madrigal Pharmaceuticals by 34.9% during the 3rd quarter. Raymond James & Associates now owns 20,451 shares of the biopharmaceutical company's stock valued at $2,987,000 after purchasing an additional 5,295 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Madrigal Pharmaceuticals by 4.0% in the third quarter. Bank of New York Mellon Corp now owns 58,786 shares of the biopharmaceutical company's stock worth $8,585,000 after buying an additional 2,288 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Madrigal Pharmaceuticals by 16.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,039 shares of the biopharmaceutical company's stock valued at $298,000 after acquiring an additional 284 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Madrigal Pharmaceuticals by 32.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 62,275 shares of the biopharmaceutical company's stock valued at $9,236,000 after acquiring an additional 15,304 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Madrigal Pharmaceuticals during the 3rd quarter worth $318,000. 98.50% of the stock is owned by hedge funds and other 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.