Kelley Shannon T, the General Counsel of Madrigal Pharmaceuticals Inc. (NASDAQ:MDGL), recently sold shares of the company. According to a Form 4 filing with the Securities and Exchange Commission, Shannon sold 277 shares at an average price of $273.41 per share on January 17, totaling approximately $75,734. The transaction comes as the $6.39 billion market cap company's stock has declined over 13% in the past week, though it maintains a strong 31% gain over the past year. According to InvestingPro analysis, the stock currently appears overvalued relative to its Fair Value.
This transaction was conducted to cover tax withholding obligations related to the vesting of restricted stock units and was not made at Shannon's discretion, as noted in the filing. InvestingPro data shows the company maintains a healthy liquidity position with a current ratio of 5.98, indicating strong ability to meet short-term obligations. Following this sale, Shannon holds 7,705 shares of Madrigal Pharmaceuticals. For deeper insights into MDGL's financial health and valuation metrics, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Madrigal Pharmaceuticals has reported stronger-than-expected preliminary sales for Rezdiffra, with fourth-quarter sales between $100 million to $103 million and full-year 2024 sales between $177 million to $180 million. These figures surpassed Goldman Sachs (NYSE:GS) and FactSet consensus estimates. The impressive sales results are attributed to sustained patient demand and comprehensive physician prescribing. By the end of 2024, over 11,800 patients were on Rezdiffra, marking a significant increase.
Evercore ISI analyst Liisa Bayko maintained an Outperform rating on Madrigal, raising the price target to $392 from $360, citing a strong quarter for Rezdiffra sales. Oppenheimer increased the price target for Madrigal to $400, reflecting their confidence in the company's ongoing clinical studies and development programs. TD (TSX:TD) Cowen reaffirmed their price target of $390, while Piper Sandler maintained an Overweight rating on the company.
Madrigal is actively pursuing expansion efforts and is preparing for a potential European launch of Rezdiffra in mid-2025. The company has also completed enrollment for the MAESTRO-NASH OUTCOMES trial, which could further solidify Rezdiffra's position in treating MASH. These are the recent developments in Madrigal's ongoing efforts to improve treatment options for NASH patients.
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