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Why Madrigal Pharmaceuticals Stock Slumped on Tuesday

TheMotleyFool

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Why Madrigal Pharmaceuticals Stock Slumped on Tuesday: https://g.foolcdn.com/editorial/images/849787/two-people-in-white-lab-coats-looking-at-a-computer-display.jpg

The New Year's Champagne turned flat for Madrigal Pharmaceuticals (NASDAQ: MDGL) on Tuesday. Investors traded out of the commercial-stage biotech following an analyst's recommendation downgrade. This resulted in the stock's price eroding by more than 5% that trading session.

The prognosticator behind the downgrade was Wolfe Research's Andy Chen. Well before market open, Chen changed his recommendation on Madrigal to peerperform (hold, in other words) from his previous outperform (buy), at a $572 per share price target.

Image source: Getty Images.

Source Fool.com

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