In a report released today, Jay Olson from Oppenheimer maintained a Buy rating on Madrigal Pharmaceuticals Inc (NASDAQ: MDGL), with a price target of $300. The company’s shares closed yesterday at $245.51.
Olson said:
“MDGL provided 2Q18 financial results that were otherwise uneventful. The company has been relatively quiet since reports surfaced on June 13th that MDGL is exploring a sale after potential interest was expressed by strategic partners (Bloomberg, 6/13). The shares have pulled back from recent highs as investors worry that a deal may not be imminent. We continue to believe that MGL-3196 is a highly differentiated drug which could be first in class with a mechanism that is complementary to other drugs in development for NASH. Besides NASH, MGL-3196 is also in development for HeFH with Ph2 data to be presented on the ESC annual meeting. We update our model with 2Q results and maintain our Outperform rating with a $300 PT.”
According to TipRanks.com, Olson is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -2.6% and a 39.3% success rate. Olson covers the Healthcare sector, focusing on stocks such as Eiger Biopharmaceuticals, Conatus Pharmaceuticals, and Enanta Pharmaceuticals.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Madrigal Pharmaceuticals Inc with a $321.17 average price target.
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Based on Madrigal Pharmaceuticals Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $6.46 million. In comparison, last year the company had a GAAP net loss of $8.35 million.
Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is negative on the stock. Most recently, in June 2018, Marc Schneebaum, the CFO of MDGL sold 10,099 shares for a total of $2,903,059.
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Madrigal Pharmaceuticals, Inc. engages on the development and commercialization of innovative therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. Its lead product, MGL-3196, is used for the treatment of non-alcoholic steatohepatitis and familial hypercholesterolemia.
