Madrigal Pharmaceuticals, Inc. $MDGL Shares Bought by Royal Bank of Canada

Royal Bank of Canada raised its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 22.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,526 shares of the biopharmaceutical company’s stock after purchasing an additional 2,303 shares during the quarter. Royal Bank of Canada owned 0.05% of Madrigal Pharmaceuticals worth $6,557,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP raised its holdings in Madrigal Pharmaceuticals by 14.1% in the 4th quarter. Wellington Management Group LLP now owns 461,402 shares of the biopharmaceutical company’s stock valued at $268,693,000 after buying an additional 56,947 shares during the period. Geode Capital Management LLC increased its position in shares of Madrigal Pharmaceuticals by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 451,743 shares of the biopharmaceutical company’s stock valued at $263,114,000 after acquiring an additional 5,510 shares during the last quarter. Invesco Ltd. raised its stake in shares of Madrigal Pharmaceuticals by 21.9% in the 4th quarter. Invesco Ltd. now owns 365,314 shares of the biopharmaceutical company’s stock valued at $212,737,000 after acquiring an additional 65,749 shares during the period. Bank of America Corp DE lifted its holdings in shares of Madrigal Pharmaceuticals by 12.7% in the 2nd quarter. Bank of America Corp DE now owns 277,221 shares of the biopharmaceutical company’s stock worth $83,898,000 after acquiring an additional 31,260 shares during the last quarter. Finally, Polar Capital Holdings Plc boosted its position in shares of Madrigal Pharmaceuticals by 1.9% during the 4th quarter. Polar Capital Holdings Plc now owns 270,151 shares of the biopharmaceutical company’s stock worth $157,320,000 after purchasing an additional 4,997 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Madrigal Pharmaceuticals

In related news, insider David Soergel sold 1,042 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $495.74, for a total value of $516,561.08. Following the completion of the transaction, the insider owned 10,033 shares in the company, valued at $4,973,759.42. The trade was a 9.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $515.44, for a total transaction of $2,928,730.08. Following the transaction, the director owned 22,015 shares of the company’s stock, valued at $11,347,411.60. This trade represents a 20.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 7,568 shares of company stock worth $3,880,711. 17.60% of the stock is owned by corporate insiders.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ MDGL opened at $535.27 on Wednesday. The stock’s 50-day moving average is $517.64 and its two-hundred day moving average is $499.49. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.20 and a quick ratio of 2.94. Madrigal Pharmaceuticals, Inc. has a 1-year low of $348.88 and a 1-year high of $615.00. The company has a market cap of $12.36 billion, a price-to-earnings ratio of -41.53 and a beta of -1.01.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.68) by $0.69. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.The business had revenue of $364.25 million during the quarter, compared to analysts’ expectations of $352.13 million. During the same quarter last year, the business posted ($1.90) EPS. The business’s quarterly revenue was up 71.2% compared to the same quarter last year. Analysts forecast that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MDGL. Citigroup reissued an “outperform” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. Evercore set a $649.00 price objective on Madrigal Pharmaceuticals in a report on Thursday, May 7th. Piper Sandler restated an “overweight” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, June 24th. HC Wainwright reaffirmed a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 31st. Finally, Truist Financial increased their price target on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Fifteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $689.93.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company’s pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-β agonist in Phase 3 development for the treatment of NASH.