Madrigal Pharmaceuticals (NASDAQ:MDGL) Rating Increased to Buy at Zacks Investment Research

Madrigal Pharmaceuticals (NASDAQ:MDGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, January 10th. The brokerage presently has a $105.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 6.75% from the stock’s previous close.

According to Zacks, “Madrigal Pharmaceuticals, Inc. is engaged in developing small-molecule drugs addressing cardiovascular and metabolic diseases. Its products pipeline include MGL-3196, an orally administered liver-directed thyroid hormone receptor-ß agonist that is used for the treatment of NASH, dyslipidemia/hypercholesterolemia and high triglycerides; and MGL-3745, a thyroid hormone receptor-ß agonist which are in pre-clinical trial stage. Madrigal Pharmaceuticals Inc., formerly known as Synta Pharmaceuticals Corp., is based in Fort Washington, Pennsylvania. “

Other equities research analysts have also issued reports about the company. HC Wainwright raised their target price on Madrigal Pharmaceuticals from $54.00 to $105.00 and gave the company a “buy” rating in a research report on Wednesday, December 6th. Roth Capital set a $82.00 target price on Madrigal Pharmaceuticals and gave the company a “buy” rating in a research report on Thursday, November 30th. Evercore ISI lifted their price objective on Madrigal Pharmaceuticals from $65.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, December 7th. Finally, JMP Securities lifted their price objective on Madrigal Pharmaceuticals from $63.00 to $125.00 and gave the stock an “outperform” rating in a report on Wednesday, December 6th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $129.00.

Shares of Madrigal Pharmaceuticals (MDGL) opened at $98.36 on Wednesday. Madrigal Pharmaceuticals has a 12-month low of $13.09 and a 12-month high of $109.97. The stock has a market capitalization of $1,380.00, a price-to-earnings ratio of -39.98 and a beta of 0.80.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.68) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.11. analysts predict that Madrigal Pharmaceuticals will post -2.57 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. VHCP Management II LLC purchased a new stake in Madrigal Pharmaceuticals in the 3rd quarter worth about $1,349,000. JPMorgan Chase & Co. purchased a new stake in Madrigal Pharmaceuticals in the 3rd quarter worth about $325,000. SG Americas Securities LLC purchased a new stake in Madrigal Pharmaceuticals in the 3rd quarter worth about $100,000. Cambridge Investment Research Advisors Inc. purchased a new stake in Madrigal Pharmaceuticals in the 3rd quarter worth about $353,000. Finally, Bank of New York Mellon Corp increased its holdings in Madrigal Pharmaceuticals by 17.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 12,945 shares of the biopharmaceutical company’s stock worth $582,000 after acquiring an additional 1,963 shares during the last quarter. 19.10% of the stock is owned by institutional investors.

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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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