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

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price target reduced by equities researchers at Oppenheimer from $375.00 to $350.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s target price would suggest a potential upside of 72.42% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Evercore ISI reduced their target price on Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. StockNews.com upgraded Madrigal Pharmaceuticals to a “sell” rating in a report on Saturday, October 12th. JMP Securities raised their target price on Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the stock a “market outperform” rating in a report on Tuesday, July 16th. Citigroup reduced their target price on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Friday, October 11th. Two research 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 data from MarketBeat, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $341.75.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL stock opened at $202.99 on Wednesday. The stock has a 50-day moving average price of $229.08 and a 200 day moving average price of $242.74. The company has a quick ratio of 8.67, a current ratio of 8.72 and a debt-to-equity ratio of 0.14. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of -8.79 and a beta of -0.44. Madrigal Pharmaceuticals has a 12 month low of $119.76 and a 12 month high of $299.98.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Wednesday, August 7th. The biopharmaceutical company reported ($7.10) EPS for the quarter, topping analysts’ consensus estimates of ($7.55) by $0.45. The firm had revenue of $14.64 million during the quarter, compared to analyst estimates of $4.25 million. During the same quarter in the previous year, the business earned ($4.69) earnings per share. Madrigal Pharmaceuticals’s revenue for the quarter was up 146280.0% compared to the same quarter last year. Research analysts expect that Madrigal Pharmaceuticals will post -27.47 EPS for the current year.

Insider Activity

In other news, CEO William John Sibold sold 6,363 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $243.83, for a total value of $1,551,490.29. Following the completion of the transaction, the chief executive officer now owns 55,887 shares in the company, valued at $13,626,927.21. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 23.92% of the company’s stock.

Institutional Trading of Madrigal Pharmaceuticals

A number of institutional investors have recently made changes to their positions in MDGL. Congress Park Capital LLC bought a new stake in shares of Madrigal Pharmaceuticals in the first quarter worth $320,000. Hennion & Walsh Asset Management Inc. lifted its position in shares of Madrigal Pharmaceuticals by 20.0% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 32,318 shares of the biopharmaceutical company’s stock worth $8,630,000 after purchasing an additional 5,392 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Madrigal Pharmaceuticals in the first quarter worth $102,000. AMI Asset Management Corp lifted its position in shares of Madrigal Pharmaceuticals by 101.5% in the first quarter. AMI Asset Management Corp now owns 9,618 shares of the biopharmaceutical company’s stock worth $2,568,000 after purchasing an additional 4,845 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Madrigal Pharmaceuticals by 3.3% during the first quarter. Principal Financial Group Inc. now owns 4,002 shares of the biopharmaceutical company’s stock worth $1,069,000 after acquiring an additional 127 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

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.