Madrigal Pharmaceuticals (NASDAQ:MDGL) Given New $469.00 Price Target at Citigroup

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) had its target price upped by equities research analysts at Citigroup from $378.00 to $469.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the biopharmaceutical company's stock. Citigroup's price objective indicates a potential upside of 49.62% from the stock's current price.

MDGL has been the subject of a number of other research reports. UBS Group raised their price objective on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a "buy" rating in a research report on Friday, November 1st. B. Riley raised their price objective on Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 5th. HC Wainwright raised their price objective on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a "buy" rating in a research report on Thursday. JMP Securities reissued a "market outperform" rating and issued a $427.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Friday, January 10th. Finally, Cantor Fitzgerald reissued a "neutral" rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Madrigal Pharmaceuticals currently has an average rating of "Moderate Buy" and an average price target of $375.75.

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Madrigal Pharmaceuticals Stock Down 8.1 %

NASDAQ MDGL traded down $27.80 during midday trading on Thursday, hitting $313.47. 524,098 shares of the company traded hands, compared to its average volume of 433,330. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93. The company has a market cap of $6.84 billion, a PE ratio of -12.50 and a beta of -0.38. The company's 50-day simple moving average is $322.93 and its 200-day simple moving average is $285.32. Madrigal Pharmaceuticals has a 52 week low of $189.00 and a 52 week high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share (EPS) for the quarter, beating the consensus estimate of ($4.32) by $1.61. The company had revenue of $103.32 million for the quarter, compared to the consensus estimate of $97.81 million. As a group, equities research analysts forecast that Madrigal Pharmaceuticals will post -23.47 earnings per share for the current year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, VP Robert E. Waltermire sold 442 shares of Madrigal Pharmaceuticals stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $273.41, for a total transaction of $120,847.22. Following the completion of the transaction, the vice president now owns 5,058 shares in the company, valued at approximately $1,382,907.78. This trade represents a 8.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James M. Daly sold 15,470 shares of Madrigal Pharmaceuticals stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $347.45, for a total value of $5,375,051.50. Following the transaction, the director now owns 1,912 shares of the company's stock, valued at $664,324.40. The trade was a 89.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,160 shares of company stock worth $8,067,652. Insiders own 22.80% of the company's stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

A number of institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its stake in shares of Madrigal Pharmaceuticals by 47.6% in the 3rd quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company's stock valued at $45,000 after purchasing an additional 68 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Madrigal Pharmaceuticals in the 4th quarter valued at about $70,000. Quest Partners LLC increased its stake in shares of Madrigal Pharmaceuticals by 172.8% in the 3rd quarter. Quest Partners LLC now owns 581 shares of the biopharmaceutical company's stock valued at $123,000 after purchasing an additional 368 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Madrigal Pharmaceuticals in the 4th quarter valued at about $141,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Madrigal Pharmaceuticals in the 4th quarter valued at about $164,000. Hedge funds and other 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.