Madrigal Pharmaceuticals (NASDAQ:MDGL) Director Kenneth Bate Sells 16,575 Shares

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Director Kenneth Bate sold 16,575 shares of the business’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $484.30, for a total transaction of $8,027,272.50. Following the sale, the director owned 2,627 shares in the company, valued at $1,272,256.10. The trade was a 86.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Kenneth Bate also recently made the following trade(s):

• On Friday, August 15th, Kenneth Bate sold 10,000 shares of Madrigal Pharmaceuticals stock. The shares were sold at an average price of $365.20, for a total transaction of $3,652,000.00.

Madrigal Pharmaceuticals Stock Up 0.1%

MDGL stock opened at $489.26 on Friday. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17. The company’s 50-day moving average price is $437.14 and its 200 day moving average price is $357.69. Madrigal Pharmaceuticals, Inc. has a 52 week low of $265.00 and a 52 week high of $496.98. The company has a market cap of $10.86 billion, a P/E ratio of -38.07 and a beta of -1.04.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.01) by ($3.07). Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. The company had revenue of $287.27 million during the quarter, compared to analysts’ expectations of $244.33 million. On average, research analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

A number of institutional investors have recently modified their holdings of MDGL. VSM Wealth Advisory LLC acquired a new stake in shares of Madrigal Pharmaceuticals during the first quarter worth $25,000. Accent Capital Management LLC purchased a new stake in Madrigal Pharmaceuticals in the 1st quarter valued at about $25,000. AlphaQuest LLC increased its stake in shares of Madrigal Pharmaceuticals by 412.5% during the 2nd quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 66 shares during the last quarter. Summit Securities Group LLC purchased a new position in shares of Madrigal Pharmaceuticals during the 1st quarter worth about $33,000. Finally, Mather Group LLC. purchased a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter worth about $33,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

MDGL has been the subject of several research reports. B. Riley lifted their price objective on Madrigal Pharmaceuticals from $460.00 to $560.00 and gave the stock a “buy” rating in a report on Monday, September 29th. Oppenheimer raised their price target on Madrigal Pharmaceuticals from $500.00 to $590.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. UBS Group reaffirmed a “buy” rating and set a $523.00 price target (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 12th. Canaccord Genuity Group increased their price objective on shares of Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Finally, Truist Financial assumed coverage on shares of Madrigal Pharmaceuticals in a research report on Tuesday, October 14th. They set a “buy” rating and a $580.00 target price for the company. Thirteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Madrigal Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $528.42.

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.