Citigroup Lowers Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target to $173.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its price objective decreased by Citigroup from $186.00 to $173.00 in a research note published on Tuesday morning, The Fly reports. Citigroup currently has a buy rating on the biopharmaceutical company’s stock.

Several other equities analysts have also commented on the company. HC Wainwright reissued a buy rating and set a $225.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Wednesday, July 3rd. B. Riley set a $134.00 price objective on Madrigal Pharmaceuticals and gave the company a buy rating in a research report on Friday, August 9th. Stifel Nicolaus set a $126.00 price objective on Madrigal Pharmaceuticals and gave the company a hold rating in a research report on Wednesday, August 7th. ValuEngine raised Madrigal Pharmaceuticals from a buy rating to a strong-buy rating in a research report on Thursday, August 1st. Finally, Zacks Investment Research raised Madrigal Pharmaceuticals from a sell rating to a hold rating in a research report on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $172.11.

Shares of Madrigal Pharmaceuticals stock opened at $94.98 on Tuesday. The business has a fifty day simple moving average of $92.91 and a two-hundred day simple moving average of $105.53. Madrigal Pharmaceuticals has a 12 month low of $82.39 and a 12 month high of $232.40.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Wednesday, August 7th. The biopharmaceutical company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($1.22) by ($0.06). During the same quarter last year, the firm earned ($0.45) earnings per share. Sell-side analysts anticipate that Madrigal Pharmaceuticals will post -5.03 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Marshall Wace North America L.P. bought a new position in shares of Madrigal Pharmaceuticals during the 1st quarter valued at approximately $17,699,000. Invesco Ltd. grew its holdings in Madrigal Pharmaceuticals by 159.2% during the 2nd quarter. Invesco Ltd. now owns 66,896 shares of the biopharmaceutical company’s stock valued at $7,011,000 after buying an additional 41,083 shares during the last quarter. BlackRock Inc. grew its holdings in Madrigal Pharmaceuticals by 7.6% during the 2nd quarter. BlackRock Inc. now owns 562,032 shares of the biopharmaceutical company’s stock valued at $58,906,000 after buying an additional 39,492 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in Madrigal Pharmaceuticals by 178.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 57,900 shares of the biopharmaceutical company’s stock valued at $6,068,000 after buying an additional 37,133 shares during the last quarter. Finally, Nuveen Asset Management LLC acquired a new stake in shares of Madrigal Pharmaceuticals during the second quarter worth $3,412,000. 61.77% of the stock is owned by hedge funds and other institutional investors.

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.

Further Reading: The limitations of an equal weight rating

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