Madrigal Pharmaceuticals (NASDAQ:MDGL) Sets New 1-Year High Following Strong Earnings

Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The company traded as high as $377.46 and last traded at $355.88, with a volume of 1187957 shares traded. The stock had previously closed at $309.49.

The biopharmaceutical company reported ($2.71) 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.

Wall Street Analyst Weigh In

MDGL has been the topic of several analyst reports. HC Wainwright increased their price objective on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a “buy” rating in a research note on Thursday. UBS Group increased their price objective on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Cantor Fitzgerald reiterated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 20th. JMP Securities restated a “market outperform” rating and issued a $427.00 price target on shares of Madrigal Pharmaceuticals in a research note on Friday, January 10th. Finally, B. Riley upgraded Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and raised their price target for the company from $236.00 to $422.00 in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $375.75.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, Director James M. Daly sold 15,470 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $347.45, for a total value of $5,375,051.50. Following the sale, the director now owns 1,912 shares of the company’s stock, valued at approximately $664,324.40. The trade was a 89.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William John Sibold sold 1,584 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $335.24, for a total value of $531,020.16. Following the completion of the sale, the chief executive officer now directly owns 54,303 shares in the company, valued at $18,204,537.72. This represents a 2.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,160 shares of company stock valued at $8,067,652 over the last quarter. 22.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of MDGL. William Blair Investment Management LLC acquired a new stake in shares of Madrigal Pharmaceuticals during the 4th quarter valued at approximately $114,717,000. Erste Asset Management GmbH acquired a new stake in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at approximately $49,749,000. Paulson & CO. Inc. lifted its position in shares of Madrigal Pharmaceuticals by 10.4% during the 3rd quarter. Paulson & CO. Inc. now owns 2,042,000 shares of the biopharmaceutical company’s stock valued at $433,353,000 after acquiring an additional 192,000 shares during the period. Braidwell LP acquired a new stake in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at approximately $39,010,000. Finally, Woodline Partners LP raised its position in shares of Madrigal Pharmaceuticals by 110.2% during the 4th quarter. Woodline Partners LP now owns 309,117 shares of the biopharmaceutical company’s stock worth $95,384,000 after purchasing an additional 162,027 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.93 and a current ratio of 5.98. The stock has a market capitalization of $7.44 billion, a price-to-earnings ratio of -13.61 and a beta of -0.38. The company has a 50-day moving average of $322.27 and a 200-day moving average of $284.05.

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.