Madrigal Pharmaceuticals (MDGL) Lowered to “Hold” at Zacks Investment Research

Madrigal Pharmaceuticals (NASDAQ:MDGL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, January 9th.

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. “

A number of other research firms have also recently weighed in on MDGL. Evercore ISI boosted their price objective on shares of Madrigal Pharmaceuticals from $65.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, December 7th. Roth Capital boosted their price objective on shares of Madrigal Pharmaceuticals from $82.00 to $170.00 and gave the company a “buy” rating in a research report on Monday, December 11th. JMP Securities boosted their price objective on shares of Madrigal Pharmaceuticals from $40.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, October 13th. Finally, HC Wainwright upped their price target on shares of Madrigal Pharmaceuticals from $54.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, December 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Madrigal Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $139.20.

Madrigal Pharmaceuticals (MDGL) opened at $147.99 on Tuesday. Madrigal Pharmaceuticals has a 1-year low of $13.09 and a 1-year high of $152.62. The company has a market cap of $2,070.00, a price-to-earnings ratio of -60.16 and a beta of 1.19.

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

A number of large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its stake in Madrigal Pharmaceuticals by 17.9% in the third quarter. Bank of New York Mellon Corp now owns 12,945 shares of the biopharmaceutical company’s stock worth $582,000 after acquiring an additional 1,963 shares during the period. SG Americas Securities LLC purchased a new stake in Madrigal Pharmaceuticals in the third quarter worth about $100,000. Strs Ohio lifted its stake in Madrigal Pharmaceuticals by 241.7% in the fourth quarter. Strs Ohio now owns 4,100 shares of the biopharmaceutical company’s stock worth $376,000 after acquiring an additional 2,900 shares during the period. New York State Common Retirement Fund purchased a new stake in Madrigal Pharmaceuticals in the second quarter worth about $109,000. Finally, JPMorgan Chase & Co. purchased a new stake in Madrigal Pharmaceuticals in the third quarter worth about $325,000. 19.08% of the stock is owned by institutional investors.

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About Madrigal Pharmaceuticals

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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