Citigroup Lowers Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target to $166.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price target lowered by equities researchers at Citigroup from $173.00 to $166.00 in a research note issued to investors on Monday, The Fly reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup‘s price target indicates a potential upside of 45.91% from the stock’s current price.

Other research analysts have also issued reports about the company. HC Wainwright decreased their target price on Madrigal Pharmaceuticals from $225.00 to $215.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. B. Riley set a $134.00 price objective on shares of Madrigal Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, August 9th. ValuEngine raised shares of Madrigal Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Stifel Nicolaus set a $126.00 price objective on shares of Madrigal Pharmaceuticals and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, Zacks Investment Research downgraded shares of Madrigal Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $160.25.

Shares of NASDAQ MDGL opened at $113.77 on Monday. The business’s 50 day moving average price is $98.47 and its two-hundred day moving average price is $95.70. The company has a market cap of $1.71 billion, a PE ratio of -51.25 and a beta of 1.15. Madrigal Pharmaceuticals has a twelve month low of $82.31 and a twelve month high of $148.18.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.03. During the same period in the prior year, the business posted ($0.56) earnings per share. Equities analysts forecast that Madrigal Pharmaceuticals will post -5.1 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in MDGL. Invesco Ltd. increased its stake in shares of Madrigal Pharmaceuticals by 159.2% during the second quarter. Invesco Ltd. now owns 66,896 shares of the biopharmaceutical company’s stock worth $7,011,000 after purchasing an additional 41,083 shares during the period. BlackRock Inc. grew its holdings in Madrigal Pharmaceuticals by 7.6% in the 2nd quarter. BlackRock Inc. now owns 562,032 shares of the biopharmaceutical company’s stock valued at $58,906,000 after buying an additional 39,492 shares in the last quarter. Point72 Asset Management L.P. increased its position in Madrigal Pharmaceuticals by 178.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 57,900 shares of the biopharmaceutical company’s stock worth $6,068,000 after buying an additional 37,133 shares during the period. Nuveen Asset Management LLC bought a new position in Madrigal Pharmaceuticals during the 2nd quarter worth $3,412,000. Finally, Nomura Holdings Inc. acquired a new stake in shares of Madrigal Pharmaceuticals during the second quarter worth $2,906,000. Institutional investors own 62.15% 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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