Evercore ISI Cuts Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target to $360.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its target price reduced by Evercore ISI from $405.00 to $360.00 in a report issued on Thursday morning, Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

A number of other analysts have also issued reports on MDGL. 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. Cantor Fitzgerald reissued a neutral rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, July 23rd. Bank of America began coverage on Madrigal Pharmaceuticals in a research report on Monday, April 22nd. They issued an underperform rating and a $150.00 target price on the stock. Citigroup cut their target price on Madrigal Pharmaceuticals from $389.00 to $382.00 and set a buy rating on the stock in a research report on Wednesday, May 8th. Finally, 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. Two research analysts have rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $343.83.

Madrigal Pharmaceuticals Trading Down 2.7 %

Shares of MDGL stock traded down $6.64 during trading on Thursday, hitting $237.00. 483,500 shares of the stock traded hands, compared to its average volume of 483,589. The firm has a market capitalization of $5.05 billion, a P/E ratio of -10.26 and a beta of -0.42. The company has a debt-to-equity ratio of 0.14, a current ratio of 9.39 and a quick ratio of 9.39. The firm’s fifty day moving average price is $272.68 and its 200-day moving average price is $245.98. Madrigal Pharmaceuticals has a 52-week low of $119.76 and a 52-week high of $299.98.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($7.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($7.55) by $0.45. The firm had revenue of $14.64 million during the quarter, compared to analysts’ expectations of $4.25 million. The firm’s revenue for the quarter was up 146280.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($4.69) EPS. As a group, research analysts forecast that Madrigal Pharmaceuticals will post -27.7 earnings per share for the current fiscal year.

Insider Activity

In related 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 transaction, the vice president now owns 5,500 shares of the company’s stock, valued at $1,272,370. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related 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 transaction, the vice president now owns 5,500 shares of the company’s stock, valued at $1,272,370. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Fred B. Craves sold 22,489 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $212.88, for a total value of $4,787,458.32. Following the completion of the transaction, 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 have sold 27,425 shares of company stock worth $6,129,127. Corporate insiders own 23.92% of the company’s stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. First Horizon Advisors Inc. grew its holdings in shares of Madrigal Pharmaceuticals by 1,633.3% during the second quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 98 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Madrigal Pharmaceuticals by 36.8% during the second quarter. Signaturefd LLC now owns 145 shares of the biopharmaceutical company’s stock worth $41,000 after purchasing an additional 39 shares during the last quarter. EntryPoint Capital LLC purchased a new position in shares of Madrigal Pharmaceuticals during the first quarter worth about $41,000. UMB Bank n.a. purchased a new position in shares of Madrigal Pharmaceuticals during the first quarter worth about $53,000. Finally, Quest Partners LLC grew its holdings in shares of Madrigal Pharmaceuticals by 5,225.0% during the second quarter. Quest Partners LLC now owns 213 shares of the biopharmaceutical company’s stock worth $60,000 after purchasing an additional 209 shares during the last quarter. 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.