Madrigal Pharmaceuticals (NASDAQ:MDGL) Shares Gap Down to $244.35

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGLGet Free Report)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $244.35, but opened at $213.00. Madrigal Pharmaceuticals shares last traded at $218.84, with a volume of 692,829 shares.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. TD Cowen increased their target price on Madrigal Pharmaceuticals from $349.00 to $390.00 and gave the company an “outperform” rating in a research report on Friday, March 15th. Bank of America initiated coverage on Madrigal Pharmaceuticals in a research report on Monday, April 22nd. They set an “underperform” rating and a $150.00 price objective on the stock. JMP Securities reduced their target price on shares of Madrigal Pharmaceuticals from $397.00 to $381.00 and set a “market outperform” rating for the company in a report on Wednesday, May 8th. Evercore ISI raised their price target on shares of Madrigal Pharmaceuticals from $325.00 to $405.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Finally, UBS Group increased their target price on shares of Madrigal Pharmaceuticals from $337.00 to $410.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Madrigal Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $345.09.

View Our Latest Research Report on Madrigal Pharmaceuticals

Madrigal Pharmaceuticals Stock Performance

The firm has a 50-day simple moving average of $227.15 and a two-hundred day simple moving average of $228.95. The company has a debt-to-equity ratio of 0.14, a quick ratio of 9.39 and a current ratio of 9.39.

Madrigal Pharmaceuticals (NASDAQ:MDGLGet Free Report) last issued its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($7.38) EPS for the quarter, missing analysts’ consensus estimates of ($6.06) by ($1.32). During the same period in the previous year, the firm posted ($4.23) earnings per share. On average, analysts expect that Madrigal Pharmaceuticals, Inc. will post -27.62 EPS for the current year.

Insider Activity

In other news, Director Richard S. Levy sold 11,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $257.48, for a total transaction of $2,832,280.00. Following the sale, the director now directly owns 10,298 shares in the company, valued at approximately $2,651,529.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Madrigal Pharmaceuticals news, Director Richard S. Levy sold 11,000 shares of the business’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 transaction of $2,832,280.00. Following the completion of the sale, the director now directly owns 10,298 shares in the company, valued at approximately $2,651,529.04. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Robert E. Waltermire sold 1,036 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $231.34, for a total value of $239,668.24. Following the completion of the sale, the vice president now directly owns 5,500 shares in the company, valued at $1,272,370. The disclosure for this sale can be found here. Insiders sold a total of 170,021 shares of company stock valued at $36,389,547 in the last three months. 23.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. Montag A & Associates Inc. raised its holdings 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 during the last quarter. Global Retirement Partners LLC raised 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 worth $30,000 after acquiring an additional 100 shares during the period. EntryPoint Capital LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 1st quarter valued at about $41,000. UMB Bank n.a. purchased a new stake in shares of Madrigal Pharmaceuticals in the first quarter valued at about $53,000. Finally, BNP Paribas purchased a new position in Madrigal Pharmaceuticals during the first quarter worth about $68,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Company Profile

(Get Free Report)

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.

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