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 Saturday. The firm currently has a $264.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price points to a potential upside of 13.48% from the company’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 equities research analysts have also recently commented on the company. UBS Group upgraded Madrigal Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 31st. Cowen restated a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, April 13th. Roth Capital boosted their target price on Madrigal Pharmaceuticals from $210.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, June 1st. BidaskClub cut Madrigal Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, May 31st. Finally, HC Wainwright boosted their target price on Madrigal Pharmaceuticals to $178.00 and gave the company a “buy” rating in a research note on Thursday, May 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. Madrigal Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $310.29.

Madrigal Pharmaceuticals opened at $232.63 on Friday, MarketBeat Ratings reports. Madrigal Pharmaceuticals has a fifty-two week low of $15.46 and a fifty-two week high of $325.98. The stock has a market cap of $3.63 billion, a PE ratio of -91.59 and a beta of 1.36.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Tuesday, August 7th. The biopharmaceutical company reported ($0.45) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.63) by $0.18. analysts forecast that Madrigal Pharmaceuticals will post -2.19 earnings per share for the current fiscal year.

In other Madrigal Pharmaceuticals news, insider Rebecca Taub sold 73,526 shares of the business’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $287.46, for a total transaction of $21,135,783.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Marc R. Schneebaum sold 10,099 shares of the business’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $287.46, for a total value of $2,903,058.54. The disclosure for this sale can be found here. Insiders sold a total of 363,625 shares of company stock worth $104,527,643 in the last 90 days. Company insiders own 56.70% of the company’s stock.

Large investors have recently bought and sold shares of the business. FNY Investment Advisers LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 2nd quarter worth approximately $110,000. Meeder Asset Management Inc. increased its position in shares of Madrigal Pharmaceuticals by 296.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 436 shares of the biopharmaceutical company’s stock worth $122,000 after purchasing an additional 326 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 2nd quarter worth approximately $124,000. Metropolitan Life Insurance Co. NY acquired a new position in shares of Madrigal Pharmaceuticals during the 4th quarter worth approximately $133,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Madrigal Pharmaceuticals during the 2nd quarter worth approximately $140,000. 44.28% of the stock is currently owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Company Profile

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. The company's lead candidate is MGL-3196, an orally administered, small-molecule, liver-directed, thyroid hormone receptor (THR) ß-selective agonist, which is in Phase II clinical trials for the treatment of non-alcoholic steatohepatitis and heterozygous familial hypercholesterolemia.

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