Raymond James downgraded shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) from a market perform rating to an underperform rating in a research note released on Monday morning, Marketbeat reports.
Several other research analysts also recently weighed in on MDGL. BidaskClub downgraded Madrigal Pharmaceuticals from a sell rating to a strong sell rating in a research note on Saturday, November 17th. Evercore ISI raised Madrigal Pharmaceuticals from an in-line rating to an outperform rating and boosted their price objective for the company from $222.00 to $250.00 in a report on Friday, November 16th. Citigroup initiated coverage on Madrigal Pharmaceuticals in a report on Tuesday, September 4th. They issued a buy rating and a $340.00 price objective for the company. Oppenheimer set a $300.00 price target on Madrigal Pharmaceuticals and gave the company a buy rating in a research note on Tuesday, November 13th. Finally, Goldman Sachs Group lowered Madrigal Pharmaceuticals from a buy rating to a neutral rating and set a $314.00 price target for the company. in a research note on Monday, August 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. Madrigal Pharmaceuticals currently has a consensus rating of Hold and a consensus price target of $297.63.
Shares of NASDAQ:MDGL opened at $117.99 on Monday. Madrigal Pharmaceuticals has a 12-month low of $42.48 and a 12-month high of $325.98. The firm has a market capitalization of $1.75 billion, a PE ratio of -46.45 and a beta of 1.56.
In other Madrigal Pharmaceuticals news, CEO Paul A. Friedman purchased 4,000 shares of the business’s stock in a transaction that occurred on Monday, November 19th. The stock was purchased at an average price of $124.00 per share, for a total transaction of $496,000.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Fred B. Craves purchased 2,000 shares of the business’s stock in a transaction that occurred on Monday, November 19th. The stock was acquired at an average price of $124.69 per share, with a total value of $249,380.00. The disclosure for this purchase can be found here. 56.70% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Baker BROS. Advisors LP increased its stake in Madrigal Pharmaceuticals by 89.9% during the 2nd quarter. Baker BROS. Advisors LP now owns 1,169,278 shares of the biopharmaceutical company’s stock worth $327,035,000 after buying an additional 553,594 shares in the last quarter. Capital Research Global Investors increased its stake in Madrigal Pharmaceuticals by 21.5% during the 3rd quarter. Capital Research Global Investors now owns 1,664,452 shares of the biopharmaceutical company’s stock worth $356,409,000 after buying an additional 294,200 shares in the last quarter. BlackRock Inc. increased its stake in Madrigal Pharmaceuticals by 53.1% during the 2nd quarter. BlackRock Inc. now owns 488,499 shares of the biopharmaceutical company’s stock worth $136,627,000 after buying an additional 169,406 shares in the last quarter. OppenheimerFunds Inc. purchased a new stake in Madrigal Pharmaceuticals during the 2nd quarter worth approximately $37,742,000. Finally, Boxer Capital LLC purchased a new stake in Madrigal Pharmaceuticals during the 2nd quarter worth approximately $26,571,000. Hedge funds and other institutional investors own 54.29% of the company’s stock.
About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. The company's lead candidate is MGL-3196, an orally administered, small-molecule, liver-directed, thyroid hormone receptor (THR) ß-selective agonist, which is in Phase II clinical trials for the treatment of non-alcoholic steatohepatitis and heterozygous familial hypercholesterolemia.
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