Madrigal Pharmaceuticals (NASDAQ:MDGL) Sees Large Volume Increase on Earnings Beat

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) shares saw an uptick in trading volume on Friday after the company announced better than expected quarterly earnings. 560,141 shares traded hands during trading, an increase of 32% from the previous session’s volume of 424,895 shares.The stock last traded at $289.60 and had previously closed at $259.34.

The biopharmaceutical company reported ($4.92) earnings per share (EPS) for the quarter, beating the consensus estimate of ($6.94) by $2.02. The company had revenue of $62.18 million during the quarter, compared to the consensus estimate of $34.60 million. During the same quarter last year, the business earned ($5.34) earnings per share.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, October 11th. HC Wainwright reissued a “buy” rating and issued a $390.00 price target on shares of Madrigal Pharmaceuticals in a research note on Tuesday, October 22nd. Oppenheimer cut their price objective on shares of Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. StockNews.com raised Madrigal Pharmaceuticals to a “sell” rating in a research report on Saturday, October 12th. Finally, Citigroup lowered their price objective on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $344.33.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 6,363 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $243.83, for a total value of $1,551,490.29. Following the transaction, the chief executive officer now directly owns 55,887 shares in the company, valued at $13,626,927.21. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 22.80% of the company’s stock.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in MDGL. Allspring Global Investments Holdings LLC purchased a new stake in Madrigal Pharmaceuticals in the first quarter worth $102,000. Principal Financial Group Inc. increased its position in Madrigal Pharmaceuticals by 3.3% during the 1st quarter. Principal Financial Group Inc. now owns 4,002 shares of the biopharmaceutical company’s stock valued at $1,069,000 after buying an additional 127 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Madrigal Pharmaceuticals by 50.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 92,253 shares of the biopharmaceutical company’s stock worth $24,481,000 after purchasing an additional 30,745 shares during the last quarter. BNP Paribas bought a new stake in Madrigal Pharmaceuticals during the 1st quarter valued at about $68,000. Finally, SG Americas Securities LLC bought a new position in Madrigal Pharmaceuticals in the 1st quarter valued at approximately $360,000. Institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

The business has a fifty day moving average price of $227.40 and a 200-day moving average price of $242.64. The stock has a market capitalization of $6.94 billion, a P/E ratio of -12.74 and a beta of -0.44. The company has a quick ratio of 8.67, a current ratio of 8.72 and a debt-to-equity ratio of 0.14.

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.