Madrigal Pharmaceuticals (NASDAQ:MDGL) Hits New 12-Month High Following Earnings Beat

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)’s share price reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $377.46 and last traded at $355.88, with a volume of 1187957 shares traded. The stock had previously closed at $309.49.

The biopharmaceutical company reported ($2.71) earnings per share (EPS) 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 analyst estimates of $97.81 million.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MDGL shares. JMP Securities reaffirmed a “market outperform” rating and issued a $427.00 price target on shares of Madrigal Pharmaceuticals in a report on Friday, January 10th. B. Riley upped their target price on Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, November 20th. HC Wainwright boosted their price target on Madrigal Pharmaceuticals from $390.00 to $400.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Finally, UBS Group upped their price objective on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $351.67.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 1,584 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $335.24, for a total value of $531,020.16. Following the sale, the chief executive officer now directly owns 54,303 shares in the company, valued at approximately $18,204,537.72. This trade represents a 2.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Robert E. Waltermire sold 103 shares of Madrigal Pharmaceuticals stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $335.24, for a total transaction of $34,529.72. Following the completion of the sale, the vice president now owns 4,955 shares in the company, valued at approximately $1,661,114.20. This represents a 2.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,690 shares of company stock valued at $2,692,601 over the last three months. 22.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. William Blair Investment Management LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter worth $114,717,000. Erste Asset Management GmbH bought a new stake in Madrigal Pharmaceuticals in the third quarter worth about $49,749,000. Paulson & CO. Inc. lifted its holdings in Madrigal Pharmaceuticals by 10.4% in the 3rd quarter. Paulson & CO. Inc. now owns 2,042,000 shares of the biopharmaceutical company’s stock valued at $433,353,000 after acquiring an additional 192,000 shares during the last quarter. Braidwell LP bought a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at about $39,010,000. Finally, Woodline Partners LP boosted its position in shares of Madrigal Pharmaceuticals by 110.2% during the 4th quarter. Woodline Partners LP now owns 309,117 shares of the biopharmaceutical company’s stock valued at $95,384,000 after purchasing an additional 162,027 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.93 and a current ratio of 5.98. The company’s 50 day moving average price is $320.16 and its 200-day moving average price is $283.18. The company has a market cap of $7.76 billion, a price-to-earnings ratio of -14.19 and a beta of -0.38.

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.