Fred Craves, a director at Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), has recently sold shares in the company totaling approximately $1.14 million. The transactions, dated December 3, involved the sale of 3,600 shares at prices ranging from $315.21 to $315.90 per share. The sale comes as the company, currently valued at $6.83 billion, has seen its stock surge nearly 35% over the past six months. Following these sales, Craves holds 11,000 shares indirectly through the Craves Family Foundation. The sales reflect Craves' ongoing management of his investment in the pharmaceutical firm, which specializes in developing innovative treatments. According to InvestingPro data, 12 analysts have recently revised their earnings estimates upward, with price targets ranging from $155 to $530 per share. For deeper insights into MDGL's valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Madrigal Pharmaceuticals has been the focus of several major developments. The company's drug, Rezdiffra, is expected to generate revenue of $31.3 million for the third quarter of 2024, according to consensus estimates. Analysts from Oppenheimer, TD Cowen, and Piper Sandler have all maintained positive ratings on Madrigal, with Oppenheimer recently increasing its price target from $350.00 to $400.00.
Madrigal has also completed patient enrollment for its MAESTRO-NASH OUTCOMES trial, which evaluates the potential of resmetirom as a treatment for Non-Alcoholic Steatohepatitis (NASH) cirrhosis. This is a significant step towards potentially providing the first approved medication for this high-risk patient group.
In addition to these developments, Madrigal has appointed Dr. Michael R. Charlton, a renowned expert in NASH, as Senior Vice President of Clinical Development. This appointment strengthens the company's commitment to NASH research and innovation.
Furthermore, Madrigal is preparing for a potential European launch of Rezdiffra in mid-2025, backed by a cash reserve of over $1 billion as of the second quarter of 2024. These are the recent developments in Madrigal's ongoing efforts to improve treatment options for NASH patients.
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