Madrigal Pharmaceuticals (NASDAQ:MDGL) Shares Gap Down After Earnings Miss

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)’s stock price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $235.57, but opened at $222.00. Madrigal Pharmaceuticals shares last traded at $226.40, with a volume of 84,303 shares.

The biopharmaceutical company reported ($7.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($6.06) by ($1.32). During the same quarter in the prior year, the business earned ($4.23) EPS.

Wall Street Analyst Weigh In

MDGL has been the topic of several analyst reports. HC Wainwright dropped their price target on shares of Madrigal Pharmaceuticals from $425.00 to $390.00 and set a “buy” rating on the stock in a research note on Wednesday. UBS Group boosted their price target on Madrigal Pharmaceuticals from $337.00 to $410.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. StockNews.com raised Madrigal Pharmaceuticals to a “sell” rating in a report on Friday, April 12th. Oppenheimer lifted their price objective on shares of Madrigal Pharmaceuticals from $320.00 to $375.00 and gave the company an “outperform” rating in a research note on Friday, March 15th. Finally, JMP Securities dropped their price target on shares of Madrigal Pharmaceuticals from $397.00 to $381.00 and set a “market outperform” rating on the stock in a research report on Wednesday. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $351.45.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, Director Paul A. Friedman sold 26,270 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $246.19, for a total value of $6,467,411.30. Following the transaction, the director now owns 185,735 shares in the company, valued at $45,726,099.65. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Madrigal Pharmaceuticals news, CMO Rebecca Taub sold 2,676 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $245.99, for a total transaction of $658,269.24. Following the completion of the sale, the chief marketing officer now directly owns 458,999 shares of the company’s stock, valued at $112,909,164.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Paul A. Friedman sold 26,270 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $246.19, for a total transaction of $6,467,411.30. Following the completion of the transaction, the director now directly owns 185,735 shares in the company, valued at $45,726,099.65. The disclosure for this sale can be found here. Insiders have sold 146,496 shares of company stock worth $31,362,420 in the last ninety days. 23.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MDGL. Avoro Capital Advisors LLC raised its stake in Madrigal Pharmaceuticals by 21.5% during the 4th quarter. Avoro Capital Advisors LLC now owns 1,888,888 shares of the biopharmaceutical company’s stock valued at $437,051,000 after purchasing an additional 333,888 shares during the period. Vanguard Group Inc. raised its position in Madrigal Pharmaceuticals by 7.4% during the third quarter. Vanguard Group Inc. now owns 1,573,338 shares of the biopharmaceutical company’s stock valued at $229,770,000 after buying an additional 107,816 shares during the period. Paulson & CO. Inc. lifted its stake in Madrigal Pharmaceuticals by 121.1% in the 4th quarter. Paulson & CO. Inc. now owns 1,105,741 shares of the biopharmaceutical company’s stock worth $255,846,000 after acquiring an additional 605,741 shares in the last quarter. RTW Investments LP boosted its position in Madrigal Pharmaceuticals by 163.4% during the 4th quarter. RTW Investments LP now owns 815,191 shares of the biopharmaceutical company’s stock worth $188,619,000 after acquiring an additional 505,706 shares during the period. Finally, FMR LLC grew its stake in Madrigal Pharmaceuticals by 26.2% during the 3rd quarter. FMR LLC now owns 440,380 shares of the biopharmaceutical company’s stock valued at $64,313,000 after acquiring an additional 91,337 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Down 0.5 %

The business has a fifty day moving average price of $239.11 and a two-hundred day moving average price of $216.95. The company has a current ratio of 5.38, a quick ratio of 5.38 and a debt-to-equity ratio of 0.28. The company has a market cap of $4.40 billion, a price-to-earnings ratio of -10.38 and a beta of -0.33.

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.