Madrigal Pharmaceuticals (NASDAQ:MDGL) Now Covered by Bank of America

Stock analysts at Bank of America assumed coverage on shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The brokerage set an “underperform” rating and a $150.00 price target on the biopharmaceutical company’s stock. Bank of America‘s price target suggests a potential downside of 31.31% from the company’s previous close.

MDGL has been the topic of several other research reports. Canaccord Genuity Group upped their price target on Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Citigroup upped their price target on Madrigal Pharmaceuticals from $382.00 to $389.00 and gave the company a “buy” rating in a research note on Friday, March 15th. B. Riley raised Madrigal Pharmaceuticals from a “sell” rating to a “neutral” rating and upped their price target for the company from $155.00 to $270.00 in a research note on Friday, March 15th. StockNews.com raised Madrigal Pharmaceuticals to a “sell” rating in a research note on Friday, April 12th. Finally, HC Wainwright upped their price target on Madrigal Pharmaceuticals from $405.00 to $425.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Two equities 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’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $356.73.

Madrigal Pharmaceuticals Stock Up 2.3 %

Shares of NASDAQ:MDGL opened at $218.38 on Monday. The company has a quick ratio of 5.38, a current ratio of 5.38 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average of $244.91 and a two-hundred day moving average of $211.99. The stock has a market cap of $4.35 billion, a P/E ratio of -10.95 and a beta of -0.47. Madrigal Pharmaceuticals has a 52-week low of $119.76 and a 52-week high of $322.67.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.26) by ($0.42). During the same quarter in the prior year, the firm posted ($4.98) earnings per share. On average, research analysts expect that Madrigal Pharmaceuticals will post -21.48 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Richard S. Levy sold 11,000 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $257.48, for a total transaction of $2,832,280.00. Following the transaction, the director now owns 10,298 shares of the company’s stock, valued at approximately $2,651,529.04. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Madrigal Pharmaceuticals news, Director James M. Daly sold 32,489 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $102.77, for a total value of $3,338,894.53. Following the sale, the director now owns 1,198 shares of the company’s stock, valued at approximately $123,118.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard S. Levy sold 11,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $257.48, for a total value of $2,832,280.00. Following the completion of the sale, the director now directly owns 10,298 shares in the company, valued at approximately $2,651,529.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 146,496 shares of company stock valued at $31,362,420. Corporate insiders own 23.92% of the company’s stock.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. Montag A & Associates Inc. raised 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 valued at $28,000 after purchasing an additional 134 shares in the last quarter. Global Retirement Partners LLC increased its holdings in shares of Madrigal Pharmaceuticals by 454.5% in the 4th quarter. Global Retirement Partners LLC now owns 122 shares of the biopharmaceutical company’s stock valued at $30,000 after acquiring an additional 100 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Madrigal Pharmaceuticals by 95.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 468 shares of the biopharmaceutical company’s stock valued at $68,000 after acquiring an additional 228 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at about $72,000. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Madrigal Pharmaceuticals by 289.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 655 shares of the biopharmaceutical company’s stock valued at $96,000 after acquiring an additional 487 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Company Profile

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.