Madrigal Pharmaceuticals (MDGL) Rating Increased to Buy at Zacks Investment Research

Madrigal Pharmaceuticals (NASDAQ:MDGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, January 10th. The brokerage currently has a $105.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target points to a potential downside of 26.61% 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. “

Several other brokerages have also recently weighed in on MDGL. Evercore ISI initiated coverage on shares of Madrigal Pharmaceuticals in a research note on Friday, September 22nd. They issued an “outperform” rating and a $65.00 price objective for the company. Roth Capital raised their target price on shares of Madrigal Pharmaceuticals from $82.00 to $170.00 and gave the company a “buy” rating in a report on Monday, December 11th. HC Wainwright assumed coverage on shares of Madrigal Pharmaceuticals in a report on Wednesday, November 29th. They set a “buy” rating and a $54.00 price target on the stock. Finally, JMP Securities lifted their price target on shares of Madrigal Pharmaceuticals from $40.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, October 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $139.20.

Madrigal Pharmaceuticals (NASDAQ:MDGL) opened at $143.07 on Wednesday. Madrigal Pharmaceuticals has a 12-month low of $13.09 and a 12-month high of $152.62.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Thursday, November 9th. The biopharmaceutical company reported ($0.68) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.11. equities research analysts expect that Madrigal Pharmaceuticals will post -2.57 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. purchased a new stake in Madrigal Pharmaceuticals in the third quarter valued at approximately $325,000. Bank of New York Mellon Corp raised 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 valued at $582,000 after purchasing an additional 1,963 shares in the last quarter. VHCP Management II LLC purchased a new stake in Madrigal Pharmaceuticals in the third quarter valued at approximately $1,349,000. Northern Trust Corp grew its position in Madrigal Pharmaceuticals by 151.2% during the second quarter. Northern Trust Corp now owns 50,069 shares of the biopharmaceutical company’s stock valued at $814,000 after acquiring an additional 30,134 shares during the last quarter. Finally, Victory Capital Management Inc. bought a new position in Madrigal Pharmaceuticals during the third quarter valued at approximately $2,274,000. 20.53% of the stock is currently owned by institutional investors and hedge funds.

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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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