Madrigal Pharmaceuticals (NASDAQ:MDGL) Research Coverage Started at Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) in a research note issued to investors on Friday morning, MarketBeat reports. The firm issued a neutral rating on the biopharmaceutical company’s stock.

Several other equities research analysts also recently weighed in on MDGL. Bank of America began coverage on shares of Madrigal Pharmaceuticals in a research note on Monday, April 22nd. They set an underperform rating and a $150.00 target price for the company. Citigroup dropped their target price on Madrigal Pharmaceuticals from $389.00 to $382.00 and set a buy rating on the stock in a report on Wednesday, May 8th. B. Riley decreased their price target on Madrigal Pharmaceuticals from $270.00 to $200.00 and set a neutral rating for the company in a report on Friday, May 10th. Wolfe Research started coverage on shares of Madrigal Pharmaceuticals in a research report on Tuesday, June 11th. They issued an outperform rating and a $382.00 price objective on the stock. Finally, JMP Securities cut their price objective on shares of Madrigal Pharmaceuticals from $397.00 to $381.00 and set a market outperform rating for the company in a research report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $348.17.

Madrigal Pharmaceuticals Stock Down 1.9 %

Shares of NASDAQ MDGL opened at $280.16 on Friday. The business has a 50-day moving average price of $238.42 and a 200 day moving average price of $236.80. The stock has a market cap of $5.97 billion, a PE ratio of -12.13 and a beta of -0.41. The company has a quick ratio of 9.39, a current ratio of 9.39 and a debt-to-equity ratio of 0.14. Madrigal Pharmaceuticals has a 52-week low of $119.76 and a 52-week high of $299.98.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings data on Tuesday, May 7th. The biopharmaceutical company reported ($7.38) earnings per share for the quarter, missing the consensus estimate of ($6.06) by ($1.32). During the same quarter last year, the business earned ($4.23) earnings per share. Equities research analysts forecast that Madrigal Pharmaceuticals will post -27.62 earnings per share for the current year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, Director Fred B. Craves sold 22,489 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $212.88, for a total transaction of $4,787,458.32. Following the sale, the director now owns 413,362 shares of the company’s stock, valued at approximately $87,996,502.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Madrigal Pharmaceuticals news, VP Robert E. Waltermire sold 1,900 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $280.00, for a total transaction of $532,000.00. Following the completion of the transaction, the vice president now directly owns 5,500 shares in the company, valued at approximately $1,540,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Fred B. Craves sold 22,489 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $212.88, for a total transaction of $4,787,458.32. Following the completion of the sale, the director now directly owns 413,362 shares in the company, valued at approximately $87,996,502.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 130,432 shares of company stock valued at $31,320,372. Corporate insiders own 23.92% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its position in Madrigal Pharmaceuticals by 21.7% during the third quarter. Tower Research Capital LLC TRC now owns 2,060 shares of the biopharmaceutical company’s stock worth $301,000 after buying an additional 367 shares in the last quarter. Glenmede Trust Co. NA boosted its stake in shares of Madrigal Pharmaceuticals by 53.2% during the 3rd quarter. Glenmede Trust Co. NA now owns 1,567 shares of the biopharmaceutical company’s stock worth $229,000 after purchasing an additional 544 shares during the last quarter. Rhenman & Partners Asset Management AB acquired a new stake in shares of Madrigal Pharmaceuticals during the 4th quarter worth about $5,206,000. Vanguard Group Inc. raised its position 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 valued at $229,770,000 after buying an additional 107,816 shares during the last quarter. Finally, RA Capital Management L.P. purchased a new position in shares of Madrigal Pharmaceuticals during the third quarter valued at approximately $29,865,000. 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.