Madrigal Pharmaceuticals (NASDAQ:MDGL) Announces Earnings Results

Madrigal Pharmaceuticals (NASDAQ:MDGL) released its quarterly earnings results on Tuesday. The biopharmaceutical company reported ($7.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($6.06) by ($1.32), Briefing.com reports. During the same period in the previous year, the firm posted ($4.23) earnings per share.

Madrigal Pharmaceuticals Stock Performance

NASDAQ MDGL traded down $2.43 during trading hours on Friday, hitting $204.49. The company had a trading volume of 58,003 shares, compared to its average volume of 519,871. Madrigal Pharmaceuticals has a fifty-two week low of $119.76 and a fifty-two week high of $302.68. The company has a quick ratio of 5.38, a current ratio of 5.38 and a debt-to-equity ratio of 0.28. The business has a fifty day simple moving average of $239.11 and a 200-day simple moving average of $216.95. The firm has a market cap of $4.35 billion, a P/E ratio of -10.38 and a beta of -0.33.

Insiders Place Their Bets

In other news, Director Richard S. Levy sold 11,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $257.48, for a total transaction of $2,832,280.00. Following the transaction, the director now directly owns 10,298 shares of the company’s stock, valued at $2,651,529.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CMO Rebecca Taub sold 27,845 shares of the stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $245.14, for a total value of $6,825,923.30. Following the completion of the transaction, the chief marketing officer now owns 458,999 shares in the company, valued at approximately $112,519,014.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard S. Levy sold 11,000 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $257.48, for a total value of $2,832,280.00. Following the completion of the transaction, the director now owns 10,298 shares of the company’s stock, valued at approximately $2,651,529.04. The disclosure for this sale can be found here. Insiders have sold 146,496 shares of company stock valued at $31,362,420 over the last three months. Company insiders own 23.92% of the company’s stock.

Analyst Upgrades and Downgrades

MDGL has been the subject of a number of analyst reports. Piper Sandler restated an “overweight” rating and issued a $336.00 price target on shares of Madrigal Pharmaceuticals in a report on Thursday, March 14th. Canaccord Genuity Group increased their target price on Madrigal Pharmaceuticals from $338.00 to $377.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Bank of America began coverage on Madrigal Pharmaceuticals in a research note on Monday, April 22nd. They set an “underperform” rating and a $150.00 target price for the company. Citigroup reduced their target price on Madrigal Pharmaceuticals from $389.00 to $382.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, TD Cowen increased their target price on Madrigal Pharmaceuticals from $349.00 to $390.00 and gave the company an “outperform” rating in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Madrigal Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $345.09.

Madrigal Pharmaceuticals Company Profile

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.