Madrigal Pharmaceuticals (NASDAQ:MDGL) Trading Down 6%

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) shares were down 6% during mid-day trading on Wednesday . The stock traded as low as $204.60 and last traded at $205.20. Approximately 351,797 shares were traded during trading, a decline of 33% from the average daily volume of 525,044 shares. The stock had previously closed at $218.38.

Analyst Ratings Changes

Several equities analysts recently issued reports on MDGL shares. Citigroup raised their price target on Madrigal Pharmaceuticals from $382.00 to $389.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Bank of America initiated coverage on Madrigal Pharmaceuticals in a research report on Monday. They issued an “underperform” rating and a $150.00 price objective on the stock. Canaccord Genuity Group lifted their price objective on Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. HC Wainwright lifted their price objective on Madrigal Pharmaceuticals from $405.00 to $425.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, B. Riley upgraded Madrigal Pharmaceuticals from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $155.00 to $270.00 in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $356.73.

Madrigal Pharmaceuticals Stock Down 6.3 %

The company has a fifty day simple moving average of $244.91 and a 200-day simple moving average of $211.99. The company has a quick ratio of 5.38, a current ratio of 5.38 and a debt-to-equity ratio of 0.28. The firm has a market cap of $4.07 billion, a P/E ratio of -10.57 and a beta of -0.47.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) EPS for the quarter, missing analysts’ consensus estimates of ($5.26) by ($0.42). During the same period in the prior year, the firm posted ($4.98) earnings per share. On average, equities analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -21.48 earnings per share for the current year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CMO Rebecca Taub sold 2,676 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $245.99, for a total transaction of $658,269.24. Following the sale, the chief marketing officer now directly owns 458,999 shares in the company, valued at $112,909,164.01. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Paul A. Friedman sold 26,270 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $246.19, for a total value of $6,467,411.30. Following the transaction, the director now owns 185,735 shares of the company’s stock, valued at $45,726,099.65. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CMO Rebecca Taub sold 2,676 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $245.99, for a total value of $658,269.24. Following the completion of the transaction, the chief marketing officer now directly owns 458,999 shares in the company, valued at approximately $112,909,164.01. The disclosure for this sale can be found here. Insiders have sold a total of 146,496 shares of company stock worth $31,362,420 over the last ninety days. Company insiders own 23.92% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC grew its stake in Madrigal Pharmaceuticals by 21.7% in the third quarter. Tower Research Capital LLC TRC now owns 2,060 shares of the biopharmaceutical company’s stock worth $301,000 after purchasing an additional 367 shares in the last quarter. Glenmede Trust Co. NA lifted its holdings in Madrigal Pharmaceuticals by 53.2% during the third quarter. Glenmede Trust Co. NA now owns 1,567 shares of the biopharmaceutical company’s stock worth $229,000 after buying an additional 544 shares during the period. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at $314,000. Charles Schwab Investment Management Inc. raised its stake in Madrigal Pharmaceuticals by 11.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,501 shares of the biopharmaceutical company’s stock worth $15,992,000 after acquiring an additional 11,083 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Madrigal Pharmaceuticals by 7.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,573,338 shares of the biopharmaceutical company’s stock worth $229,770,000 after acquiring an additional 107,816 shares during the last quarter. 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.