Madrigal Pharmaceuticals (NASDAQ:MDGL) Coverage Initiated at Bank of America

Bank of America initiated coverage on shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) in a research report sent to investors on Monday, Marketbeat reports. The brokerage issued an underperform rating and a $150.00 price target on the biopharmaceutical company’s stock.

Several other equities analysts also recently commented on MDGL. Citigroup boosted their price target on shares of Madrigal Pharmaceuticals from $382.00 to $389.00 and gave the stock a buy rating in a research note on Friday, March 15th. B. Riley raised Madrigal Pharmaceuticals from a sell rating to a neutral rating and boosted their price objective for the stock from $155.00 to $270.00 in a research report on Friday, March 15th. Evercore ISI raised their target price 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. Canaccord Genuity Group boosted their price target on shares of Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the stock a buy rating in a report on Friday, March 15th. Finally, Oppenheimer raised their price objective on shares of Madrigal Pharmaceuticals from $320.00 to $375.00 and gave the company an outperform rating in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $356.73.

Madrigal Pharmaceuticals Stock Performance

NASDAQ:MDGL opened at $194.38 on Monday. Madrigal Pharmaceuticals has a fifty-two week low of $119.76 and a fifty-two week high of $322.67. The company has a debt-to-equity ratio of 0.28, a quick ratio of 5.38 and a current ratio of 5.38. The company has a 50 day moving average price of $244.08 and a 200 day moving average price of $211.81. The stock has a market capitalization of $3.87 billion, a P/E ratio of -9.75 and a beta of -0.47.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) EPS for the quarter, missing analysts’ consensus estimates of ($5.26) by ($0.42). During the same quarter in the prior year, the firm posted ($4.98) earnings per share. Equities research analysts forecast that Madrigal Pharmaceuticals will post -21.86 EPS for the current year.

Insider Buying and Selling

In related news, CMO Rebecca Taub sold 2,676 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $245.99, for a total value of $658,269.24. Following the completion of the sale, the chief marketing officer now owns 458,999 shares in the company, valued at approximately $112,909,164.01. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CMO Rebecca Taub sold 2,676 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $245.99, for a total transaction of $658,269.24. Following the completion of the sale, the chief marketing officer now directly owns 458,999 shares of the company’s stock, valued at $112,909,164.01. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 completion of the transaction, the director now directly owns 185,735 shares in the company, valued at $45,726,099.65. The disclosure for this sale can be found here. Insiders have sold 146,496 shares of company stock worth $31,362,420 in the last quarter. 23.92% of the stock is owned by insiders.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in MDGL. Tower Research Capital LLC TRC boosted its stake in shares of Madrigal Pharmaceuticals by 21.7% in the third quarter. Tower Research Capital LLC TRC now owns 2,060 shares of the biopharmaceutical company’s stock valued at $301,000 after buying an additional 367 shares in the last quarter. Glenmede Trust Co. NA grew 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 period. J.P. Morgan Private Wealth Advisors LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter worth $314,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Madrigal Pharmaceuticals by 11.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,501 shares of the biopharmaceutical company’s stock valued at $15,992,000 after purchasing an additional 11,083 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Madrigal Pharmaceuticals by 7.4% during the third quarter. Vanguard Group Inc. now owns 1,573,338 shares of the biopharmaceutical company’s stock worth $229,770,000 after buying an additional 107,816 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

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.