Madrigal Pharmaceuticals (NASDAQ:MDGL) Upgraded by StockNews.com to “Sell”

Madrigal Pharmaceuticals (NASDAQ:MDGL) was upgraded by equities researchers at StockNews.com to a “sell” rating in a research report issued to clients and investors on Wednesday.

MDGL has been the topic of several other reports. TD Cowen raised their price objective on Madrigal Pharmaceuticals from $349.00 to $390.00 and gave the company an “outperform” rating in a research note on Friday, March 15th. Wolfe Research initiated coverage on Madrigal Pharmaceuticals in a research note on Tuesday, June 11th. They issued an “outperform” rating and a $382.00 price objective on the stock. B. Riley reduced their price objective on Madrigal Pharmaceuticals from $270.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday, May 10th. Piper Sandler reaffirmed an “overweight” rating and issued a $336.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Thursday, March 14th. Finally, JMP Securities reduced their price objective on Madrigal Pharmaceuticals from $397.00 to $381.00 and set a “market outperform” rating on the stock in a research note on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $348.17.

Madrigal Pharmaceuticals Stock Performance

MDGL opened at $290.32 on Wednesday. The firm has a market cap of $6.19 billion, a P/E ratio of -12.57 and a beta of -0.42. Madrigal Pharmaceuticals has a 52-week low of $119.76 and a 52-week high of $299.98. The company has a debt-to-equity ratio of 0.14, a quick ratio of 9.39 and a current ratio of 9.39. The business’s fifty day moving average is $251.88 and its 200-day moving average is $239.90.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its 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) earnings per share. Sell-side analysts expect that Madrigal Pharmaceuticals will post -27.7 EPS for the current fiscal year.

Insider Transactions at Madrigal Pharmaceuticals

In other news, Director Fred B. Craves sold 22,489 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $212.88, for a total transaction of $4,787,458.32. Following the completion of the transaction, the director now directly owns 413,362 shares in the company, valued at $87,996,502.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Madrigal Pharmaceuticals news, Director Fred B. Craves sold 22,489 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $212.88, for a total value of $4,787,458.32. Following the completion of the sale, the director now directly owns 413,362 shares in the company, valued at $87,996,502.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Robert E. Waltermire sold 2,000 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $285.00, for a total value of $570,000.00. Following the completion of the sale, the vice president now owns 5,500 shares of the company’s stock, valued at $1,567,500. The disclosure for this sale can be found here. Insiders sold 27,425 shares of company stock worth $6,129,127 over the last ninety days. 23.92% of the stock is owned by insiders.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Glenmede Trust Co. NA increased its holdings in Madrigal Pharmaceuticals by 53.2% in the third quarter. Glenmede Trust Co. NA now owns 1,567 shares of the biopharmaceutical company’s stock worth $229,000 after purchasing an additional 544 shares in the last quarter. Rhenman & Partners Asset Management AB acquired a new stake in Madrigal Pharmaceuticals in the fourth quarter valued at approximately $5,206,000. Vanguard Group Inc. grew its stake in Madrigal Pharmaceuticals by 7.4% in the third quarter. Vanguard Group Inc. now owns 1,573,338 shares of the biopharmaceutical company’s stock valued at $229,770,000 after acquiring an additional 107,816 shares during the period. AMI Asset Management Corp acquired a new stake in Madrigal Pharmaceuticals in the fourth quarter valued at approximately $1,104,000. Finally, Norges Bank acquired a new stake in Madrigal Pharmaceuticals in the fourth quarter valued at approximately $33,686,000. 98.50% of the stock is currently 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.