Madrigal Pharmaceuticals (NASDAQ:MDGL) Shares Down 14.4% – Here’s What Happened

Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) fell 14.4% during mid-day trading on Monday . The stock traded as low as $290.00 and last traded at $290.20. 116,860 shares changed hands during trading, a decline of 55% from the average session volume of 257,653 shares. The stock had previously closed at $338.91.

Analyst Upgrades and Downgrades

MDGL has been the topic of several recent research reports. Oppenheimer reduced their price objective on Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. JMP Securities restated a “market outperform” rating and issued a $427.00 price objective on shares of Madrigal Pharmaceuticals in a report on Friday, January 10th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, November 20th. B. Riley lifted their target price on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Finally, UBS Group upped their price target on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $351.67.

Madrigal Pharmaceuticals Trading Down 9.7 %

The firm has a market cap of $5.98 billion, a PE ratio of -10.93 and a beta of -0.36. The firm has a fifty day simple moving average of $318.25 and a two-hundred day simple moving average of $272.57. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) EPS for the quarter, topping analysts’ consensus estimates of ($6.94) by $2.02. The business had revenue of $62.18 million during the quarter, compared to analysts’ expectations of $34.60 million. During the same period in the previous year, the business earned ($5.34) EPS. Equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.77 EPS for the current year.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Fred B. Craves sold 3,600 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $315.31, for a total transaction of $1,135,116.00. Following the sale, the director now directly owns 11,000 shares in the company, valued at $3,468,410. The trade was a 24.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard S. Levy sold 5,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $300.94, for a total value of $1,504,700.00. Following the completion of the transaction, the director now owns 11,012 shares of the company’s stock, valued at approximately $3,313,951.28. This trade represents a 31.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,000 shares of company stock worth $3,830,836 over the last 90 days. 22.80% of the stock is owned by company insiders.

Institutional Trading of Madrigal Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Erste Asset Management GmbH bought a new stake in Madrigal Pharmaceuticals during the third quarter worth about $49,749,000. Paulson & CO. Inc. boosted its position in shares of Madrigal Pharmaceuticals by 10.4% in the 3rd quarter. Paulson & CO. Inc. now owns 2,042,000 shares of the biopharmaceutical company’s stock worth $433,353,000 after purchasing an additional 192,000 shares in the last quarter. Braidwell LP bought a new position in Madrigal Pharmaceuticals during the 3rd quarter valued at approximately $39,010,000. State Street Corp boosted its holdings in Madrigal Pharmaceuticals by 19.2% in the third quarter. State Street Corp now owns 887,752 shares of the biopharmaceutical company’s stock worth $188,399,000 after acquiring an additional 143,038 shares in the last quarter. Finally, Avoro Capital Advisors LLC grew its stake in shares of Madrigal Pharmaceuticals by 5.7% in the second quarter. Avoro Capital Advisors LLC now owns 2,055,555 shares of the biopharmaceutical company’s stock worth $575,884,000 after acquiring an additional 111,111 shares during the last quarter. 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.