JMP Securities Reiterates Market Outperform Rating for Madrigal Pharmaceuticals (NASDAQ:MDGL)

Madrigal Pharmaceuticals (NASDAQ:MDGL)‘s stock had its “market outperform” rating reaffirmed by equities researchers at JMP Securities in a report released on Friday,Benzinga reports. They currently have a $427.00 target price on the biopharmaceutical company’s stock. JMP Securities’ price target indicates a potential upside of 25.99% from the stock’s previous close.

A number of other analysts also recently issued reports on MDGL. StockNews.com upgraded Madrigal Pharmaceuticals to a “sell” rating in a research report on Saturday, October 12th. Oppenheimer dropped their price target on shares of Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. B. Riley increased their price objective 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. HC Wainwright reissued a “buy” rating and issued a $390.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Tuesday, October 22nd. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 20th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Madrigal Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $350.83.

Madrigal Pharmaceuticals Price Performance

MDGL stock opened at $338.91 on Friday. Madrigal Pharmaceuticals has a 52 week low of $168.25 and a 52 week high of $368.29. The firm has a market capitalization of $7.39 billion, a P/E ratio of -13.51 and a beta of -0.36. The company has a fifty day simple moving average of $320.07 and a two-hundred day simple moving average of $272.50. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share for the quarter, topping the consensus estimate of ($6.94) by $2.02. The company had revenue of $62.18 million for the quarter, compared to the consensus estimate of $34.60 million. During the same period in the previous year, the firm earned ($5.34) earnings per share. Analysts anticipate that Madrigal Pharmaceuticals will post -23.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Richard S. Levy sold 5,000 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $300.94, for a total transaction of $1,504,700.00. Following the transaction, the director now directly owns 11,012 shares of the company’s stock, valued at $3,313,951.28. This trade represents a 31.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Fred B. Craves sold 3,400 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $350.30, for a total value of $1,191,020.00. Following the sale, the director now owns 14,600 shares of the company’s stock, valued at approximately $5,114,380. This represents a 18.89 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,000 shares of company stock worth $3,830,836. 22.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC lifted its position in shares of Madrigal Pharmaceuticals by 47.6% during the third quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company’s stock valued at $45,000 after buying an additional 68 shares during the last quarter. Quest Partners LLC raised its stake in shares of Madrigal Pharmaceuticals by 5,225.0% during the 2nd quarter. Quest Partners LLC now owns 213 shares of the biopharmaceutical company’s stock worth $60,000 after acquiring an additional 209 shares in the last quarter. Centaurus Financial Inc. purchased a new stake in Madrigal Pharmaceuticals during the second quarter valued at approximately $163,000. Amalgamated Bank boosted its stake in Madrigal Pharmaceuticals by 20.2% in the second quarter. Amalgamated Bank now owns 607 shares of the biopharmaceutical company’s stock valued at $170,000 after acquiring an additional 102 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in Madrigal Pharmaceuticals in the second quarter worth $204,000. Hedge funds and other 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.