Roth Capital Begins Coverage on Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Roth Capital initiated coverage on shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in a research report released on Thursday, October 19th, MarketBeat Ratings reports. The firm issued a buy rating and a $62.00 target price on the biopharmaceutical company’s stock.

MDGL has been the topic of several other reports. Evercore ISI began coverage on shares of Madrigal Pharmaceuticals in a research report on Friday, September 22nd. They set an outperform rating and a $65.00 target price on the stock. JMP Securities boosted their target price on shares of Madrigal Pharmaceuticals from $40.00 to $63.00 and gave the stock an outperform rating in a research report on Friday, October 13th.

Madrigal Pharmaceuticals (MDGL) traded down $4.70 during trading hours on Thursday, reaching $43.28. 92,386 shares of the company were exchanged, compared to its average volume of 66,998. Madrigal Pharmaceuticals has a 1 year low of $13.09 and a 1 year high of $52.35.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings data on Thursday, August 10th. The biopharmaceutical company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.09). equities analysts anticipate that Madrigal Pharmaceuticals will post -2.85 earnings per share for the current year.

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In other news, Director Richard S. Levy purchased 2,000 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was acquired at an average price of $16.12 per share, with a total value of $32,240.00. Following the purchase, the director now directly owns 7,200 shares of the company’s stock, valued at approximately $116,064. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard S. Levy purchased 3,550 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were purchased at an average cost of $16.12 per share, with a total value of $57,226.00. Following the purchase, the director now directly owns 3,640 shares in the company, valued at $58,676.80. The disclosure for this purchase can be found here. Insiders have bought a total of 9,100 shares of company stock valued at $145,840 in the last ninety days. Corporate insiders own 66.40% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC raised its stake in Madrigal Pharmaceuticals by 0.7% in the 1st quarter. Renaissance Technologies LLC now owns 57,875 shares of the biopharmaceutical company’s stock valued at $891,000 after purchasing an additional 400 shares during the last quarter. Victory Capital Management Inc. acquired a new position in Madrigal Pharmaceuticals in the 3rd quarter valued at about $2,274,000. Northern Trust Corp raised its stake in Madrigal Pharmaceuticals by 151.2% in the 2nd quarter. Northern Trust Corp now owns 50,069 shares of the biopharmaceutical company’s stock valued at $814,000 after purchasing an additional 30,134 shares during the last quarter. State Street Corp acquired a new position in Madrigal Pharmaceuticals in the 2nd quarter valued at about $539,000. Finally, Shikiar Asset Management Inc. raised its stake in Madrigal Pharmaceuticals by 52.8% in the 3rd quarter. Shikiar Asset Management Inc. now owns 23,141 shares of the biopharmaceutical company’s stock valued at $1,041,000 after purchasing an additional 8,000 shares during the last quarter. 16.86% of the stock is owned by hedge funds and other institutional investors.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc, formerly Synta Pharmaceuticals Corp., is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular-metabolic diseases and nonalcoholic steatohepatitis (NASH). The Company’s lead product, MGL-3196, is a Phase II-ready once-daily, oral, liver-directed selective thyroid hormone receptor-b (THR-b) agonist for the treatment of NASH, and heterozygous and homozygous familial hypercholesterolemia (FH).

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