Oppenheimer Cuts Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target to $350.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its target price reduced by Oppenheimer from $375.00 to $350.00 in a report published on Wednesday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the biopharmaceutical company’s stock.

MDGL has been the topic of several other reports. Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Friday, October 11th. HC Wainwright reissued a “buy” rating and set a $390.00 price target on shares of Madrigal Pharmaceuticals in a research note on Tuesday. StockNews.com raised shares of Madrigal Pharmaceuticals to a “sell” rating in a research note on Saturday, October 12th. Evercore ISI decreased their target price on shares of Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Finally, JMP Securities upped their price target on shares of Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the company a “market outperform” rating in a research report on Tuesday, July 16th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $341.75.

Madrigal Pharmaceuticals Trading Down 0.5 %

Shares of MDGL opened at $202.48 on Wednesday. Madrigal Pharmaceuticals has a 1-year low of $119.76 and a 1-year high of $299.98. The company has a market capitalization of $4.40 billion, a P/E ratio of -7.94 and a beta of -0.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 8.72 and a quick ratio of 8.67. The firm’s 50 day simple moving average is $229.91 and its 200 day simple moving average is $243.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings data on Wednesday, August 7th. The biopharmaceutical company reported ($7.10) earnings per share for the quarter, beating the consensus estimate of ($7.55) by $0.45. The company had revenue of $14.64 million for the quarter, compared to analysts’ expectations of $4.25 million. During the same quarter last year, the business posted ($4.69) EPS. The business’s quarterly revenue was up 146280.0% compared to the same quarter last year. Sell-side analysts forecast that Madrigal Pharmaceuticals will post -27.47 earnings per share for the current fiscal year.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 6,363 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $243.83, for a total value of $1,551,490.29. Following the completion of the sale, the chief executive officer now owns 55,887 shares in the company, valued at approximately $13,626,927.21. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 22.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of MDGL. Avoro Capital Advisors LLC increased its position in shares of Madrigal Pharmaceuticals by 5.7% during the second quarter. Avoro Capital Advisors LLC now owns 2,055,555 shares of the biopharmaceutical company’s stock valued at $575,884,000 after buying an additional 111,111 shares during the period. Paulson & CO. Inc. grew its holdings in shares of Madrigal Pharmaceuticals by 4.2% during the 2nd quarter. Paulson & CO. Inc. now owns 1,850,000 shares of the biopharmaceutical company’s stock worth $518,296,000 after acquiring an additional 75,000 shares during the period. Vanguard Group Inc. raised its position in shares of Madrigal Pharmaceuticals by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 1,668,806 shares of the biopharmaceutical company’s stock worth $445,638,000 after acquiring an additional 94,064 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Madrigal Pharmaceuticals by 106.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 803,213 shares of the biopharmaceutical company’s stock valued at $214,491,000 after purchasing an additional 414,484 shares during the period. Finally, Fiera Capital Corp bought a new stake in shares of Madrigal Pharmaceuticals during the second quarter valued at approximately $32,335,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.