Madrigal Pharmaceuticals (MDGL) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) from a hold rating to a buy rating in a research note published on Saturday. Zacks Investment Research currently has $264.00 price target on the biopharmaceutical company’s stock.

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. “

A number of other research analysts have also weighed in on MDGL. Cowen restated a buy rating on shares of Madrigal Pharmaceuticals in a report on Friday, April 13th. Oppenheimer assumed coverage on Madrigal Pharmaceuticals in a research note on Monday, April 16th. They issued a hold rating and a $130.00 target price for the company. HC Wainwright raised their target price on Madrigal Pharmaceuticals to $178.00 and gave the stock a buy rating in a research note on Thursday, May 24th. ValuEngine downgraded Madrigal Pharmaceuticals from a buy rating to a hold rating in a research note on Thursday, May 31st. Finally, BidaskClub downgraded Madrigal Pharmaceuticals from a buy rating to a hold rating in a research note on Thursday, May 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $310.29.



Madrigal Pharmaceuticals traded down $3.47, reaching $232.63, during midday trading on Friday, Marketbeat.com reports. The stock had a trading volume of 252,225 shares, compared to its average volume of 186,864. The firm has a market capitalization of $3.63 billion, a P/E ratio of -91.59 and a beta of 1.36. Madrigal Pharmaceuticals has a 52-week low of $15.46 and a 52-week high of $325.98.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Tuesday, August 7th. The biopharmaceutical company reported ($0.45) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.18. equities research analysts predict that Madrigal Pharmaceuticals will post -2.19 earnings per share for the current year.

In related news, CFO Marc R. Schneebaum sold 10,099 shares of the firm’s stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $287.46, for a total transaction of $2,903,058.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Rebecca Taub sold 73,526 shares of the firm’s stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $287.46, for a total value of $21,135,783.96. The disclosure for this sale can be found here. Insiders have sold a total of 363,625 shares of company stock valued at $104,527,643 over the last three months. Corporate insiders own 56.70% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. FNY Investment Advisers LLC acquired a new stake in Madrigal Pharmaceuticals in the 2nd quarter valued at approximately $110,000. Meeder Asset Management Inc. grew its holdings in shares of Madrigal Pharmaceuticals by 296.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 436 shares of the biopharmaceutical company’s stock worth $122,000 after acquiring an additional 326 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Madrigal Pharmaceuticals in the 2nd quarter worth $124,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Madrigal Pharmaceuticals in the second quarter worth $140,000. Finally, Zeke Capital Advisors LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the second quarter worth $208,000. Institutional investors and hedge funds own 44.28% of the company’s stock.

About Madrigal Pharmaceuticals

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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