Madrigal Pharmaceuticals (MDGL) Upgraded at Zacks Investment Research

Madrigal Pharmaceuticals (NASDAQ:MDGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, January 10th. The firm currently has a $105.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target indicates a potential downside of 15.72% from the stock’s previous close.

According to Zacks, “Madrigal Pharmaceuticals, Inc. is engaged in developing small-molecule drugs addressing cardiovascular and metabolic diseases. Its products pipeline include MGL-3196, an orally administered liver-directed thyroid hormone receptor-ß agonist that is used for the treatment of NASH, dyslipidemia/hypercholesterolemia and high triglycerides; and MGL-3745, a thyroid hormone receptor-ß agonist which are in pre-clinical trial stage. Madrigal Pharmaceuticals Inc., formerly known as Synta Pharmaceuticals Corp., is based in Fort Washington, Pennsylvania. “

MDGL has been the topic of a number of other research reports. HC Wainwright began coverage on Madrigal Pharmaceuticals in a research note on Wednesday, November 29th. They set a “buy” rating and a $54.00 price objective for the company. Roth Capital set a $82.00 price objective on Madrigal Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, November 30th. JMP Securities upped their price objective on Madrigal Pharmaceuticals from $40.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, October 13th. Finally, Evercore ISI increased their price target on Madrigal Pharmaceuticals from $65.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, December 7th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $129.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) traded up $12.92 during midday trading on Wednesday, reaching $124.59. The company had a trading volume of 356,062 shares, compared to its average volume of 115,155. Madrigal Pharmaceuticals has a one year low of $13.09 and a one year high of $127.80.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.68) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.79) by $0.11. analysts anticipate that Madrigal Pharmaceuticals will post -2.57 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. acquired a new stake in Madrigal Pharmaceuticals in the second quarter valued at approximately $225,000. Bank of New York Mellon Corp acquired a new stake in shares of Madrigal Pharmaceuticals in the second quarter worth approximately $179,000. TIAA CREF Investment Management LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the second quarter worth approximately $120,000. New York State Common Retirement Fund acquired a new stake in shares of Madrigal Pharmaceuticals in the second quarter worth approximately $109,000. Finally, Citigroup Inc. acquired a new stake in shares of Madrigal Pharmaceuticals in the second quarter worth approximately $185,000. 19.10% of the stock is currently owned by hedge funds and other institutional investors.

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Madrigal Pharmaceuticals Company Profile

Madrigal Pharmaceuticals, Inc, formerly Synta Pharmaceuticals Corp., is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular-metabolic diseases and nonalcoholic steatohepatitis (NASH). The Company’s lead product, MGL-3196, is a Phase II-ready once-daily, oral, liver-directed selective thyroid hormone receptor-b (THR-b) agonist for the treatment of NASH, and heterozygous and homozygous familial hypercholesterolemia (FH).

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