JMP Securities started coverage on shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in a research report issued to clients and investors on Tuesday. The brokerage set an “outperform” rating on the biopharmaceutical company’s stock.
Shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) opened at 15.96 on Tuesday. The stock’s 50 day moving average is $16.03 and its 200 day moving average is $12.70. The stock’s market capitalization is $184.66 million. Madrigal Pharmaceuticals has a 52 week low of $5.25 and a 52 week high of $18.24.
A number of hedge funds have recently modified their holdings of the company. BlackRock Institutional Trust Company N.A. acquired a new stake in shares of Madrigal Pharmaceuticals during the third quarter worth $142,000. Citadel Advisors LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the third quarter valued at approximately $332,000. Baker BROS. Advisors LP purchased a new stake in shares of Madrigal Pharmaceuticals during the third quarter valued at approximately $732,000. Finally, Rock Springs Capital Management LP purchased a new stake in shares of Madrigal Pharmaceuticals during the third quarter valued at approximately $799,000. Hedge funds and other institutional investors own 8.71% of the company’s stock.
About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc, formerly Synta Pharmaceuticals Corp., is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular-metabolic diseases and nonalcoholic steatohepatitis (NASH). The Company’s lead product, MGL-3196, is a Phase II-ready once-daily, oral, liver-directed selective thyroid hormone receptor-b (THR-b) agonist for the treatment of NASH, and heterozygous and homozygous familial hypercholesterolemia (FH).