Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Get Free Report) reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $377.46 and last traded at $355.88, with a volume of 1187957 shares. The stock had previously closed at $309.49.
The biopharmaceutical company reported ($2.71) earnings per share for the quarter, beating analysts' consensus estimates of ($4.32) by $1.61. The company had revenue of $103.32 million during the quarter, compared to the consensus estimate of $97.81 million.
Analysts Set New Price Targets
A number of analysts have recently weighed in on the company. Citigroup raised their target price on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a "buy" rating in a research note on Thursday. B. Riley upgraded shares of Madrigal Pharmaceuticals from a "hold" rating to a "strong-buy" rating and raised their price objective for the company from $236.00 to $422.00 in a research report on Thursday. JMP Securities reissued a "market outperform" rating and set a $427.00 price target on shares of Madrigal Pharmaceuticals in a research note on Friday, January 10th. HC Wainwright upped their price objective on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Madrigal Pharmaceuticals has an average rating of "Moderate Buy" and an average price target of $375.75.
Read Our Latest Stock Analysis on Madrigal Pharmaceuticals
Insider Activity at Madrigal Pharmaceuticals
In other Madrigal Pharmaceuticals news, Director Fred B. Craves sold 3,600 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $315.31, for a total value of $1,135,116.00. Following the completion of the sale, the director now owns 11,000 shares in the company, valued at approximately $3,468,410. This trade represents a 24.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William John Sibold sold 1,584 shares of the business's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $335.24, for a total transaction of $531,020.16. Following the completion of the transaction, the chief executive officer now directly owns 54,303 shares in the company, valued at $18,204,537.72. This trade represents a 2.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,160 shares of company stock valued at $8,067,652. 22.80% of the stock is owned by company insiders.
Hedge Funds Weigh In On Madrigal Pharmaceuticals
A number of large investors have recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its holdings 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 worth $45,000 after acquiring an additional 68 shares during the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in Madrigal Pharmaceuticals in the fourth quarter worth $70,000. Quest Partners LLC increased its position in shares of Madrigal Pharmaceuticals by 172.8% during the third quarter. Quest Partners LLC now owns 581 shares of the biopharmaceutical company's stock valued at $123,000 after acquiring an additional 368 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in Madrigal Pharmaceuticals in the 4th quarter worth about $141,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter worth $164,000. 98.50% of the stock is currently owned by institutional investors.
Madrigal Pharmaceuticals Stock Up 1.6 %
The company's 50-day simple moving average is $322.93 and its two-hundred day simple moving average is $285.02. The firm has a market capitalization of $7.44 billion, a P/E ratio of -13.61 and a beta of -0.38. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93.
About Madrigal Pharmaceuticals
(
Get Free Report)
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.
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