Madrigal Pharmaceuticals (NASDAQ:MDGL) Given New $469.00 Price Target at Citigroup

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price objective lifted by research analysts at Citigroup from $378.00 to $469.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price target suggests a potential upside of 37.07% from the stock’s current price.

MDGL has been the subject of several other research reports. B. Riley raised their price objective on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Cantor Fitzgerald restated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 20th. HC Wainwright raised their price objective on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a “buy” rating in a research report on Thursday. UBS Group lifted their price target on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, JMP Securities reiterated a “market outperform” rating and set a $427.00 price target on shares of Madrigal Pharmaceuticals in a research report on Friday, January 10th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Madrigal Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $360.25.

Madrigal Pharmaceuticals Price Performance

Shares of Madrigal Pharmaceuticals stock traded down $13.72 during mid-day trading on Thursday, reaching $342.17. 309,048 shares of the stock were exchanged, compared to its average volume of 429,081. The company has a market cap of $7.46 billion, a price-to-earnings ratio of -13.59 and a beta of -0.38. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. The firm has a 50-day simple moving average of $321.42 and a 200 day simple moving average of $283.69. Madrigal Pharmaceuticals has a fifty-two week low of $189.00 and a fifty-two week high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($4.32) by $1.61. The firm had revenue of $103.32 million for the quarter, compared to analyst estimates of $97.81 million. On average, sell-side analysts predict that Madrigal Pharmaceuticals will post -23.47 EPS for the current fiscal year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, VP Robert E. Waltermire sold 442 shares of the company’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $273.41, for a total value of $120,847.22. Following the transaction, the vice president now directly owns 5,058 shares in the company, valued at $1,382,907.78. The trade was a 8.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Fred B. Craves sold 3,600 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $315.31, for a total transaction of $1,135,116.00. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at approximately $3,468,410. This represents a 24.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,690 shares of company stock worth $2,692,601 over the last ninety days. Insiders own 22.80% of the company’s stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its position in shares of Madrigal Pharmaceuticals by 47.6% in the third quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company’s stock valued at $45,000 after acquiring an additional 68 shares during the period. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter valued at about $70,000. GF Fund Management CO. LTD. bought a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter valued at about $141,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter valued at about $164,000. Finally, Quest Partners LLC boosted its position in shares of Madrigal Pharmaceuticals by 172.8% in the third quarter. Quest Partners LLC now owns 581 shares of the biopharmaceutical company’s stock valued at $123,000 after acquiring an additional 368 shares during the period. 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.