Madrigal Pharmaceuticals (NASDAQ:MDGL) Trading Down 3.3%

Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) fell 3.3% during mid-day trading on Wednesday . The company traded as low as $225.22 and last traded at $225.22. 43,731 shares were traded during trading, a decline of 92% from the average session volume of 525,723 shares. The stock had previously closed at $232.98.

Wall Street Analysts Forecast Growth

MDGL has been the subject of several recent research reports. UBS Group boosted their price target on Madrigal Pharmaceuticals from $337.00 to $410.00 and gave the company a “buy” rating in a report on Friday, March 15th. Canaccord Genuity Group increased their price objective on shares of Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $336.00 target price on shares of Madrigal Pharmaceuticals in a report on Thursday, March 14th. Evercore ISI raised their price target on Madrigal Pharmaceuticals from $325.00 to $405.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Finally, JMP Securities upped their price objective on Madrigal Pharmaceuticals from $351.00 to $397.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $377.40.

Madrigal Pharmaceuticals Trading Down 2.7 %

The business has a 50-day moving average of $244.25 and a 200 day moving average of $209.44. The company has a debt-to-equity ratio of 0.28, a current ratio of 5.38 and a quick ratio of 5.38.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings data on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($5.26) by ($0.42). During the same period last year, the company earned ($4.98) earnings per share. On average, equities research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -21.48 EPS for the current year.

Insider Transactions at Madrigal Pharmaceuticals

In related news, Director Paul A. Friedman sold 26,270 shares of Madrigal Pharmaceuticals stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $246.19, for a total value of $6,467,411.30. Following the completion of the transaction, the director now owns 185,735 shares in the company, valued at $45,726,099.65. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Madrigal Pharmaceuticals news, Director Paul A. Friedman sold 26,270 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $246.19, for a total transaction of $6,467,411.30. Following the transaction, the director now owns 185,735 shares in the company, valued at $45,726,099.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James M. Daly sold 32,489 shares of Madrigal Pharmaceuticals stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $102.77, for a total transaction of $3,338,894.53. Following the transaction, the director now directly owns 1,198 shares of the company’s stock, valued at $123,118.46. The disclosure for this sale can be found here. Insiders have sold a total of 146,496 shares of company stock worth $31,362,420 in the last three months. Insiders own 23.92% of the company’s stock.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the business. Avoro Capital Advisors LLC grew its position in Madrigal Pharmaceuticals by 21.5% in the 4th quarter. Avoro Capital Advisors LLC now owns 1,888,888 shares of the biopharmaceutical company’s stock valued at $437,051,000 after acquiring an additional 333,888 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Madrigal Pharmaceuticals by 7.4% in the third quarter. Vanguard Group Inc. now owns 1,573,338 shares of the biopharmaceutical company’s stock worth $229,770,000 after purchasing an additional 107,816 shares during the last quarter. Paulson & CO. Inc. increased its stake in Madrigal Pharmaceuticals by 121.1% in the 4th quarter. Paulson & CO. Inc. now owns 1,105,741 shares of the biopharmaceutical company’s stock worth $255,846,000 after buying an additional 605,741 shares during the period. BlackRock Inc. lifted its holdings in Madrigal Pharmaceuticals by 9.6% during the 2nd quarter. BlackRock Inc. now owns 1,043,537 shares of the biopharmaceutical company’s stock valued at $241,057,000 after buying an additional 91,027 shares in the last quarter. Finally, State Street Corp boosted its position in Madrigal Pharmaceuticals by 17.1% in the 3rd quarter. State Street Corp now owns 966,641 shares of the biopharmaceutical company’s stock valued at $62,822,000 after buying an additional 141,334 shares during the period. 98.50% of the stock is currently owned by hedge funds and other 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.