Oppenheimer Asset Management Inc. Makes New $664,000 Investment in Madrigal Pharmaceuticals, Inc. $MDGL

Oppenheimer Asset Management Inc. acquired a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the second quarter, according to its most recent filing with the SEC. The firm acquired 1,236 shares of the biopharmaceutical company’s stock, valued at approximately $664,000.

Other hedge funds have also recently made changes to their positions in the company. Kemnay Advisory Services Inc. purchased a new stake in Madrigal Pharmaceuticals in the fourth quarter worth $39,000. Quarry LP purchased a new position in Madrigal Pharmaceuticals during the 3rd quarter valued at $39,000. Johnson Financial Group Inc. purchased a new position in Madrigal Pharmaceuticals during the 3rd quarter valued at $50,000. Accent Capital Management LLC raised its holdings in Madrigal Pharmaceuticals by 64.9% in the 4th quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company’s stock worth $55,000 after purchasing an additional 37 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in Madrigal Pharmaceuticals by 34.6% in the 4th quarter. Farther Finance Advisors LLC now owns 140 shares of the biopharmaceutical company’s stock worth $82,000 after purchasing an additional 36 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Stock Up 3.4%

MDGL stock opened at $524.87 on Tuesday. Madrigal Pharmaceuticals, Inc. has a 1-year low of $351.32 and a 1-year high of $615.00. The business has a fifty day moving average price of $520.46 and a 200-day moving average price of $500.18. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.20 and a quick ratio of 2.94. The stock has a market capitalization of $12.12 billion, a P/E ratio of -40.72 and a beta of -1.01.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $364.25 million for the quarter, compared to the consensus estimate of $352.13 million. During the same period in the prior year, the company posted ($1.90) earnings per share. The company’s quarterly revenue was up 71.2% on a year-over-year basis. Equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -7.03 earnings per share for the current fiscal year.

Insider Transactions at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Richard S. Levy sold 5,682 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were 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 in the company, valued at approximately $11,347,411.60. This represents a 20.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $495.74, for a total transaction of $516,561.08. Following the completion of the sale, the insider owned 10,033 shares of the company’s stock, valued at $4,973,759.42. This represents a 9.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

MDGL has been the topic of several research analyst reports. Truist Financial boosted their price target on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Wolfe Research raised Madrigal Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $605.00 price objective for the company in a research report on Tuesday, August 4th. Evercore set a $649.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Thursday, May 7th. Piper Sandler reissued an “overweight” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, June 24th. Finally, Canaccord Genuity Group raised their price objective on Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Fifteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $689.93.

Madrigal Pharmaceuticals Profile

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.