Madrigal Pharmaceuticals’ stock price movement
On October 15, Madrigal Pharmaceuticals (MDGL) closed at $189.18, which was 1.28% lower than its previous closing price on October 12. On October 15, the company had a market capitalization of $2.91 billion.
Madrigal Pharmaceuticals stock price had a solid run in the first week of June. At that time, it had released positive data from the Phase 2 trial at the end of 36 weeks for the investigational thyroid hormone receptor-β (or THR) agonist, MGL-3196, in the NASH indication on May 31.
However, Madrigal Pharmaceuticals’ (MDGL) stock price has dropped 10.87% from $212.26 on October 1 to $189.18 on October 15. Investors have been concerned about the company’s growth prospects and its MGL-3196 research program after its competitor Viking Therapeutics (VKTX) released strong top-line data for its investigational VK2809 drug in the nonalcoholic fatty liver disease (or NAFLD) indication.
Madrigal Pharmaceuticals is currently trading 387.33% higher than its 52-week-low price of $38.82 and 41.97% lower than its 52-week-high price of $325.98.
Based on its closing price on October 15, the company has returned -4.95%, -16.35%, and -34.15%, respectively, in the last week, the last month, and the last quarter. Madrigal Pharmaceuticals has returned 60.93%, 274.1%, and 106.1%, respectively, in the last half year, the last year, and year-to-date.
Analysts’ recommendations and target price for Madrigal Pharmaceuticals
The 12-month consensus analyst recommendation for Madrigal Pharmaceuticals on October 16 was for a “buy.” The 12-month consensus target price for the company is $322.86, which is 70.66% higher than its last closing price on October 15. The highest target price estimate for the company is $392.00, and its lowest target price estimate is $300.00.
Of the nine analysts covering Madrigal Pharmaceuticals in the first half of October, the majority of analysts gave positive recommendations for the stock. Two analysts rated the company as a “strong buy,” and four rated the company as a “buy.” Three analysts rated the company as a “hold.”
At the end of the second quarter, the company had $490.31 million in cash on its balance sheet. The company doesn’t carry any debt on its balance sheet.
In the next article, we’ll discuss Madrigal Pharmaceuticals’ NASH program.