Madrigal Pharmaceuticals (NASDAQ:MDGL) Trading Up 10% After Insider Buying Activity

Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) traded up 10% on Wednesday following insider buying activity. The stock traded as high as $173.12 and last traded at $172.04. 189,106 shares changed hands during trading, a decline of 51% from the average session volume of 386,393 shares. The stock had previously closed at $156.47.

Specifically, Director Bros. Advisors Lp Baker purchased 34,188 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The stock was purchased at an average cost of $156.42 per share, with a total value of $5,347,686.96. Following the purchase, the director now owns 1,531,757 shares in the company, valued at $239,597,429.94. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 23.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. HC Wainwright upped their price objective on Madrigal Pharmaceuticals from $225.00 to $275.00 and gave the company a “buy” rating in a research report on Monday. JMP Securities reaffirmed a “market outperform” rating and issued a $383.00 price target on shares of Madrigal Pharmaceuticals in a research note on Tuesday. Oppenheimer decreased their price objective on shares of Madrigal Pharmaceuticals from $350.00 to $285.00 and set an “outperform” rating for the company in a report on Wednesday, August 9th. Evercore ISI reissued an “outperform” rating and issued a $325.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Tuesday, September 19th. Finally, StockNews.com raised Madrigal Pharmaceuticals to a “sell” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $313.09.

Madrigal Pharmaceuticals Price Performance

The firm has a market capitalization of $3.33 billion, a PE ratio of -8.77 and a beta of -0.70. The company has a debt-to-equity ratio of 5.16, a quick ratio of 2.36 and a current ratio of 2.36. The stock has a fifty day moving average price of $147.84 and a 200-day moving average price of $202.75.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Monday, November 6th. The biopharmaceutical company reported ($5.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($4.90) by ($0.44). Sell-side analysts forecast that Madrigal Pharmaceuticals, Inc. will post -19.32 EPS for the current fiscal year.

Institutional Trading of Madrigal Pharmaceuticals

A number of institutional investors have recently modified their holdings of MDGL. Creative Planning bought a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter worth approximately $303,000. Tudor Investment Corp Et Al grew its holdings in Madrigal Pharmaceuticals by 45.8% in the third quarter. Tudor Investment Corp Et Al now owns 4,692 shares of the biopharmaceutical company’s stock worth $685,000 after purchasing an additional 1,473 shares during the last quarter. Morgan Stanley increased its position in shares of Madrigal Pharmaceuticals by 131.2% during the third quarter. Morgan Stanley now owns 171,773 shares of the biopharmaceutical company’s stock worth $25,086,000 after purchasing an additional 97,480 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Madrigal Pharmaceuticals by 143.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 13,860 shares of the biopharmaceutical company’s stock valued at $2,024,000 after purchasing an additional 8,164 shares during the last quarter. Finally, Dana Investment Advisors Inc. acquired a new stake in shares of Madrigal Pharmaceuticals in the 3rd quarter worth $445,000. 79.86% 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 selective thyroid hormone receptor beta agonist, which is in Phase III clinical trials for treating NASH.