Bank of America Begins Coverage on Madrigal Pharmaceuticals (NASDAQ:MDGL)

Analysts at Bank of America started coverage on shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The firm set an “underperform” rating and a $150.00 price target on the biopharmaceutical company’s stock. Bank of America‘s target price would suggest a potential downside of 31.31% from the stock’s previous close.

Other equities analysts have also issued reports about the company. B. Riley raised Madrigal Pharmaceuticals from a “sell” rating to a “neutral” rating and upped their target price for the company from $155.00 to $270.00 in a report on Friday, March 15th. Canaccord Genuity Group upped their target price on Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the company a “buy” rating in a report on Friday, March 15th. Citigroup upped their target price on Madrigal Pharmaceuticals from $382.00 to $389.00 and gave the company a “buy” rating in a report on Friday, March 15th. StockNews.com raised Madrigal Pharmaceuticals to a “sell” rating in a report on Friday, April 12th. Finally, HC Wainwright upped their target price on Madrigal Pharmaceuticals from $405.00 to $425.00 and gave the company a “buy” rating in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $356.73.

Madrigal Pharmaceuticals Trading Up 2.3 %

Shares of NASDAQ MDGL opened at $218.38 on Monday. The stock’s 50 day moving average price is $244.91 and its two-hundred day moving average price is $211.99. Madrigal Pharmaceuticals has a 52-week low of $119.76 and a 52-week high of $322.67. The stock has a market capitalization of $4.35 billion, a P/E ratio of -10.95 and a beta of -0.47. The company has a quick ratio of 5.38, a current ratio of 5.38 and a debt-to-equity ratio of 0.28.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.26) by ($0.42). During the same quarter in the previous year, the business posted ($4.98) earnings per share. On average, analysts anticipate that Madrigal Pharmaceuticals will post -21.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CMO Rebecca Taub sold 27,506 shares of the stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $243.36, for a total value of $6,693,860.16. Following the completion of the transaction, the chief marketing officer now directly owns 458,999 shares of the company’s stock, valued at approximately $111,701,996.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Madrigal Pharmaceuticals news, CMO Rebecca Taub sold 27,506 shares of the company’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $243.36, for a total value of $6,693,860.16. Following the completion of the sale, the chief marketing officer now directly owns 458,999 shares in the company, valued at $111,701,996.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul A. Friedman sold 26,270 shares of the company’s stock in a transaction that occurred on 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 sale, the director now owns 185,735 shares of the company’s stock, valued at $45,726,099.65. The disclosure for this sale can be found here. Insiders sold 146,496 shares of company stock valued at $31,362,420 in the last three months. 23.92% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the company. Avoro Capital Advisors LLC lifted its position in Madrigal Pharmaceuticals by 21.5% in the fourth quarter. Avoro Capital Advisors LLC now owns 1,888,888 shares of the biopharmaceutical company’s stock worth $437,051,000 after purchasing an additional 333,888 shares during the period. Vanguard Group Inc. lifted its position in shares of Madrigal Pharmaceuticals by 7.4% during the 3rd 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 last quarter. Paulson & CO. Inc. lifted its position in shares of Madrigal Pharmaceuticals by 121.1% during the 4th quarter. Paulson & CO. Inc. now owns 1,105,741 shares of the biopharmaceutical company’s stock valued at $255,846,000 after acquiring an additional 605,741 shares during the last quarter. RTW Investments LP lifted its position in shares of Madrigal Pharmaceuticals by 163.4% during the 4th quarter. RTW Investments LP now owns 815,191 shares of the biopharmaceutical company’s stock valued at $188,619,000 after acquiring an additional 505,706 shares during the last quarter. Finally, FMR LLC lifted its position in shares of Madrigal Pharmaceuticals by 26.2% during the 3rd quarter. FMR LLC now owns 440,380 shares of the biopharmaceutical company’s stock valued at $64,313,000 after acquiring an additional 91,337 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.