Citigroup Raises Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target to $469.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price target raised by Citigroup from $378.00 to $469.00 in a report published on Thursday,Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

MDGL has been the subject of a number of other reports. UBS Group lifted their price target on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. JMP Securities restated a “market outperform” rating and issued a $427.00 price target on shares of Madrigal Pharmaceuticals in a report on Friday, January 10th. HC Wainwright boosted their price target on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a “buy” rating in a report on Thursday. B. Riley boosted their price objective on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 20th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $375.75.

Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ:MDGL opened at $341.27 on Thursday. Madrigal Pharmaceuticals has a 52 week low of $189.00 and a 52 week high of $377.46. The stock has a market capitalization of $7.44 billion, a P/E ratio of -13.61 and a beta of -0.38. The firm has a fifty day simple moving average of $322.93 and a two-hundred day simple moving average of $284.74. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) EPS for the quarter, topping analysts’ consensus estimates of ($4.32) by $1.61. The business had revenue of $103.32 million during the quarter, compared to analysts’ expectations of $97.81 million. On average, analysts expect that Madrigal Pharmaceuticals will post -23.47 earnings per share for the current fiscal year.

Insider Activity

In related news, Director James M. Daly sold 15,470 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $347.45, for a total transaction of $5,375,051.50. Following the sale, the director now directly owns 1,912 shares of the company’s stock, valued at approximately $664,324.40. This represents a 89.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Fred B. Craves sold 3,600 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $315.31, for a total transaction of $1,135,116.00. Following the sale, the director now directly owns 11,000 shares in the company, valued at $3,468,410. This trade represents a 24.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,160 shares of company stock valued at $8,067,652 in the last ninety days. Insiders own 22.80% of the company’s stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC raised its position in Madrigal Pharmaceuticals by 47.6% during the third quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company’s stock worth $45,000 after acquiring an additional 68 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter valued at about $70,000. GF Fund Management CO. LTD. acquired a new stake in Madrigal Pharmaceuticals during the fourth quarter worth about $141,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Madrigal Pharmaceuticals during the fourth quarter worth about $164,000. Finally, Quest Partners LLC increased its position in Madrigal Pharmaceuticals by 172.8% during the third quarter. Quest Partners LLC now owns 581 shares of the biopharmaceutical company’s stock worth $123,000 after purchasing an additional 368 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.