Zacks Investment Research Downgrades Madrigal Pharmaceuticals (MDGL) to Hold

Madrigal Pharmaceuticals (NASDAQ:MDGL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday, January 9th.

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. “

A number of other research firms have also recently commented on MDGL. JMP Securities raised their price target on Madrigal Pharmaceuticals from $63.00 to $125.00 and gave the company an “outperform” rating in a report on Wednesday, December 6th. Roth Capital assumed coverage on Madrigal Pharmaceuticals in a report on Thursday, October 19th. They set a “buy” rating and a $62.00 price target on the stock. HC Wainwright raised their price objective on Madrigal Pharmaceuticals from $54.00 to $105.00 and gave the company a “buy” rating in a research report on Wednesday, December 6th. Finally, Evercore ISI assumed coverage on Madrigal Pharmaceuticals in a research report on Friday, September 22nd. They set an “outperform” rating and a $65.00 price objective for the company. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $129.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) opened at $107.00 on Tuesday. Madrigal Pharmaceuticals has a twelve month low of $13.09 and a twelve month high of $109.97. The firm has a market capitalization of $1,498.19, a price-to-earnings ratio of -42.13 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) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.79) by $0.11. equities analysts anticipate that Madrigal Pharmaceuticals will post -2.57 EPS for the current year.

Large investors have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new position in shares of Madrigal Pharmaceuticals during the third quarter valued at approximately $100,000. New York State Common Retirement Fund bought a new stake in shares of Madrigal Pharmaceuticals during the second quarter valued at approximately $109,000. California State Teachers Retirement System bought a new stake in shares of Madrigal Pharmaceuticals during the second quarter valued at approximately $117,000. TIAA CREF Investment Management LLC bought a new stake in shares of Madrigal Pharmaceuticals during the second quarter valued at approximately $120,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Madrigal Pharmaceuticals during the second quarter valued at approximately $179,000. Institutional investors and hedge funds own 19.10% of the company’s stock.

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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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