Madrigal Pharmaceuticals (NASDAQ:MDGL) Sees Unusually-High Trading Volume Following Strong Earnings

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) saw unusually-high trading volume on Friday following a better than expected earnings announcement. Approximately 560,141 shares were traded during trading, an increase of 32% from the previous session’s volume of 424,895 shares.The stock last traded at $289.60 and had previously closed at $259.34.

The biopharmaceutical company reported ($4.92) earnings per share for the quarter, topping the consensus estimate of ($6.94) by $2.02. The business had revenue of $62.18 million for the quarter, compared to analyst estimates of $34.60 million. During the same quarter in the previous year, the company posted ($5.34) EPS.

Analysts Set New Price Targets

Several brokerages recently issued reports on MDGL. Evercore ISI decreased their price target on Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. JMP Securities lifted their price target on Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the stock a “market outperform” rating in a report on Tuesday, July 16th. HC Wainwright restated a “buy” rating and issued a $390.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Tuesday, October 22nd. Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Friday, October 11th. Finally, StockNews.com upgraded shares of Madrigal Pharmaceuticals to a “sell” rating in a report on Saturday, October 12th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $344.33.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 6,363 shares of Madrigal Pharmaceuticals stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $243.83, for a total transaction of $1,551,490.29. Following the completion of the transaction, the chief executive officer now owns 55,887 shares of the company’s stock, valued at $13,626,927.21. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 22.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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

Madrigal Pharmaceuticals Price Performance

The firm has a market capitalization of $6.94 billion, a PE ratio of -12.74 and a beta of -0.46. 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 business’s 50 day moving average is $227.40 and its two-hundred day moving average is $242.70.

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.