Short Interest in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Decreases By 15.3%

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) was the target of a significant drop in short interest in June. As of June 15th, there was short interest totalling 4,430,000 shares, a drop of 15.3% from the May 31st total of 5,230,000 shares. Based on an average trading volume of 468,300 shares, the short-interest ratio is presently 9.5 days.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Wolfe Research assumed coverage on Madrigal Pharmaceuticals in a research note on Tuesday, June 11th. They issued an “outperform” rating and a $382.00 price target on the stock. Bank of America assumed coverage on Madrigal Pharmaceuticals in a research note on Monday, April 22nd. They issued an “underperform” rating and a $150.00 price target on the stock. B. Riley cut their target price on Madrigal Pharmaceuticals from $270.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday, May 10th. HC Wainwright cut their target price on Madrigal Pharmaceuticals from $425.00 to $390.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Finally, TD Cowen lifted their target price on Madrigal Pharmaceuticals from $349.00 to $390.00 and gave the stock an “outperform” rating in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $348.17.

Insider Activity

In other news, VP Robert E. Waltermire sold 1,036 shares of the stock in a transaction 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 sale, the vice president now directly owns 5,500 shares in the company, valued at $1,272,370. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Madrigal Pharmaceuticals news, Director Fred B. Craves sold 22,489 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $212.88, for a total value of $4,787,458.32. Following the sale, the director now directly owns 413,362 shares in the company, valued at $87,996,502.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Robert E. Waltermire sold 1,036 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were 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 owns 5,500 shares in the company, valued at $1,272,370. The disclosure for this sale can be found here. Over the last three months, insiders have sold 173,921 shares of company stock worth $37,491,547. Corporate insiders own 23.92% of the company’s stock.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC boosted its holdings in Madrigal Pharmaceuticals by 454.5% in the 4th quarter. Global Retirement Partners LLC now owns 122 shares of the biopharmaceutical company’s stock valued at $30,000 after purchasing an additional 100 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in Madrigal Pharmaceuticals in the 1st quarter valued at approximately $41,000. UMB Bank n.a. purchased a new stake in Madrigal Pharmaceuticals in the 1st quarter valued at approximately $53,000. BNP Paribas purchased a new stake in Madrigal Pharmaceuticals in the 1st quarter valued at approximately $68,000. Finally, Comerica Bank boosted its holdings in Madrigal Pharmaceuticals by 615.4% in the 1st quarter. Comerica Bank now owns 372 shares of the biopharmaceutical company’s stock valued at $99,000 after purchasing an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ MDGL traded down $5.50 during midday trading on Friday, reaching $280.16. 861,402 shares of the company were exchanged, compared to its average volume of 565,706. 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 has a 1 year low of $119.76 and a 1 year high of $299.98. The stock has a fifty day simple moving average of $238.42 and a 200 day simple moving average of $236.73.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($7.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($6.06) by ($1.32). During the same period in the previous year, the firm earned ($4.23) earnings per share. As a group, research analysts expect that Madrigal Pharmaceuticals will post -27.62 earnings per share for the current fiscal year.

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.