TD Cowen Raises Madrigal Pharmaceuticals (NASDAQ:MDGL) Price Target to $390.00

Madrigal Pharmaceuticals (NASDAQ:MDGL) had its target price boosted by TD Cowen from $349.00 to $390.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an outperform rating on the biopharmaceutical company’s stock.

Several other brokerages have also recently issued reports on MDGL. B. Riley raised shares of Madrigal Pharmaceuticals from a sell rating to a neutral rating and upped their price objective for the company from $155.00 to $270.00 in a research note on Friday. Oppenheimer upped their price objective on shares of Madrigal Pharmaceuticals from $300.00 to $320.00 and gave the company an outperform rating in a research note on Friday, March 1st. Piper Sandler upped their price objective on shares of Madrigal Pharmaceuticals from $305.00 to $336.00 and gave the company an overweight rating in a research note on Wednesday, January 24th. Citigroup started coverage on shares of Madrigal Pharmaceuticals in a research note on Wednesday, March 6th. They issued a buy rating and a $382.00 price target for the company. Finally, StockNews.com raised shares of Madrigal Pharmaceuticals to a sell rating in a research note on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $369.40.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL traded up $12.86 during mid-day trading on Friday, hitting $283.23. 963,934 shares of the company were exchanged, compared to its average volume of 578,717. Madrigal Pharmaceuticals has a 1-year low of $119.76 and a 1-year high of $322.67. The company has a debt-to-equity ratio of 0.28, a quick ratio of 5.38 and a current ratio of 5.38. The company has a 50 day moving average of $233.69 and a 200-day moving average of $197.62. The stock has a market cap of $5.64 billion, a price-to-earnings ratio of -14.20 and a beta of -0.48.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.26) by ($0.42). During the same quarter in the prior year, the firm earned ($4.98) EPS. Analysts expect that Madrigal Pharmaceuticals will post -21.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of MDGL. JPMorgan Chase & Co. raised its stake in Madrigal Pharmaceuticals by 2.9% during the 1st quarter. JPMorgan Chase & Co. now owns 35,674 shares of the biopharmaceutical company’s stock worth $3,500,000 after acquiring an additional 1,017 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Madrigal Pharmaceuticals by 4.0% during the 1st quarter. Bank of New York Mellon Corp now owns 36,127 shares of the biopharmaceutical company’s stock worth $3,545,000 after acquiring an additional 1,383 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Madrigal Pharmaceuticals by 13.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,350 shares of the biopharmaceutical company’s stock worth $819,000 after acquiring an additional 1,000 shares in the last quarter. MetLife Investment Management LLC raised its stake in Madrigal Pharmaceuticals by 58.6% during the 1st quarter. MetLife Investment Management LLC now owns 6,682 shares of the biopharmaceutical company’s stock worth $656,000 after acquiring an additional 2,468 shares in the last quarter. Finally, Rhumbline Advisers grew its position in Madrigal Pharmaceuticals by 3.8% during the 1st quarter. Rhumbline Advisers now owns 12,393 shares of the biopharmaceutical company’s stock worth $1,216,000 after purchasing an additional 451 shares during the last quarter. 79.86% of the stock is currently owned by institutional investors and hedge funds.

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.