Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target Cut to $382.00 by Analysts at Citigroup

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price target reduced by Citigroup from $389.00 to $382.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price objective would suggest a potential upside of 83.57% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. JMP Securities reduced their price objective on Madrigal Pharmaceuticals from $397.00 to $381.00 and set a “market outperform” rating on the stock in a research note on Wednesday. HC Wainwright dropped their price objective on shares of Madrigal Pharmaceuticals from $425.00 to $390.00 and set a “buy” rating on the stock in a report on Wednesday. Canaccord Genuity Group lifted their price target on Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the company a “buy” rating in a report on Friday, March 15th. UBS Group increased their price objective on Madrigal Pharmaceuticals from $337.00 to $410.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Finally, B. Riley upgraded shares of Madrigal Pharmaceuticals from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $155.00 to $270.00 in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $351.45.

Madrigal Pharmaceuticals Trading Down 4.5 %

NASDAQ MDGL traded down $9.87 during mid-day trading on Wednesday, hitting $208.09. The company’s stock had a trading volume of 565,316 shares, compared to its average volume of 525,390. The firm has a market capitalization of $4.43 billion, a P/E ratio of -10.40 and a beta of -0.33. The company has a debt-to-equity ratio of 0.28, a current ratio of 5.38 and a quick ratio of 5.38. Madrigal Pharmaceuticals has a 52-week low of $119.76 and a 52-week high of $311.56. The stock’s fifty day simple moving average is $240.62 and its two-hundred day simple moving average is $217.08.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Tuesday, May 7th. The biopharmaceutical company reported ($7.38) EPS for the quarter, missing analysts’ consensus estimates of ($6.06) by ($1.32). During the same period in the prior year, the business posted ($4.23) earnings per share. Research analysts expect that Madrigal Pharmaceuticals will post -21.86 EPS for the current year.

Insider Transactions at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Richard S. Levy sold 11,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $257.48, for a total value of $2,832,280.00. Following the transaction, the director now owns 10,298 shares in the company, valued at $2,651,529.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Richard S. Levy sold 11,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $257.48, for a total value of $2,832,280.00. Following the transaction, the director now directly owns 10,298 shares of the company’s stock, valued at approximately $2,651,529.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Rebecca Taub sold 27,845 shares of the company’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $245.14, for a total transaction of $6,825,923.30. Following the sale, the chief marketing officer now directly owns 458,999 shares of the company’s stock, valued at $112,519,014.86. The disclosure for this sale can be found here. Insiders sold 146,496 shares of company stock valued at $31,362,420 over the last three months. 23.92% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MDGL. Montag A & Associates Inc. grew its position in Madrigal Pharmaceuticals by 223.3% in the 3rd quarter. Montag A & Associates Inc. now owns 194 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 134 shares during the last quarter. Global Retirement Partners LLC grew its position in Madrigal Pharmaceuticals by 454.5% during the fourth quarter. Global Retirement Partners LLC now owns 122 shares of the biopharmaceutical company’s stock worth $30,000 after buying an additional 100 shares in the last quarter. UMB Bank n.a. bought a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter worth approximately $53,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Madrigal Pharmaceuticals by 95.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 468 shares of the biopharmaceutical company’s stock valued at $68,000 after purchasing an additional 228 shares in the last quarter. Finally, BNP Paribas acquired a new position in shares of Madrigal Pharmaceuticals in the first quarter valued at $68,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.