Citigroup Begins Coverage on Madrigal Pharmaceuticals (MDGL)

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Citigroup began coverage on shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) in a research report sent to investors on Tuesday, Marketbeat.com reports. The firm issued a buy rating and a $340.00 price target on the biopharmaceutical company’s stock.

Other equities research analysts have also recently issued reports about the company. Oppenheimer set a $130.00 price objective on Madrigal Pharmaceuticals and gave the stock a hold rating in a research note on Tuesday, May 8th. Evercore ISI reaffirmed an in-line rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, June 27th. HC Wainwright lifted their price objective on Madrigal Pharmaceuticals to $178.00 and gave the stock a buy rating in a research note on Thursday, May 24th. Raymond James began coverage on Madrigal Pharmaceuticals in a research note on Thursday, June 28th. They set a market perform rating for the company. Finally, Zacks Investment Research raised Madrigal Pharmaceuticals from a sell rating to a hold rating in a research note on Tuesday, July 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. Madrigal Pharmaceuticals currently has an average rating of Hold and a consensus price target of $314.00.

MDGL stock opened at $220.03 on Tuesday. The firm has a market cap of $3.55 billion, a PE ratio of -86.63 and a beta of 1.19. Madrigal Pharmaceuticals has a twelve month low of $16.91 and a twelve month high of $325.98.

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

In related news, insider Rebecca Taub sold 73,526 shares of Madrigal Pharmaceuticals stock in a transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Marc R. Schneebaum sold 10,099 shares of the business’s stock in a transaction dated Monday, June 11th. The shares were 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. Over the last ninety days, insiders have sold 363,625 shares of company stock valued at $104,527,643. 56.70% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of MDGL. Baker BROS. Advisors LP grew its stake in Madrigal Pharmaceuticals by 89.9% in the second quarter. Baker BROS. Advisors LP now owns 1,169,278 shares of the biopharmaceutical company’s stock valued at $327,035,000 after acquiring an additional 553,594 shares during the period. BlackRock Inc. grew its stake in Madrigal Pharmaceuticals by 53.1% in the second quarter. BlackRock Inc. now owns 488,499 shares of the biopharmaceutical company’s stock valued at $136,627,000 after acquiring an additional 169,406 shares during the period. OppenheimerFunds Inc. acquired a new position in Madrigal Pharmaceuticals in the second quarter valued at about $37,742,000. Boxer Capital LLC acquired a new position in Madrigal Pharmaceuticals in the second quarter valued at about $26,571,000. Finally, Millennium Management LLC grew its stake in Madrigal Pharmaceuticals by 2,263.4% in the first quarter. Millennium Management LLC now owns 92,291 shares of the biopharmaceutical company’s stock valued at $10,779,000 after acquiring an additional 88,386 shares during the period. 52.84% of the stock is 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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Analyst Recommendations for Madrigal Pharmaceuticals (NASDAQ:MDGL)

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