Seven Fleet Capital Management LP Takes $2.67 Billion Position in Madrigal Pharmaceuticals, Inc. $MDGL

Seven Fleet Capital Management LP purchased a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the second quarter, HoldingsChannel reports. The firm purchased 4,973 shares of the biopharmaceutical company’s stock, valued at approximately $2,670,252,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Corient Private Wealth LP bought a new position in Madrigal Pharmaceuticals during the 2nd quarter worth $812,000. Bamco Inc. NY acquired a new position in Madrigal Pharmaceuticals during the 2nd quarter worth about $2,416,000. Bank of America Corp DE bought a new stake in shares of Madrigal Pharmaceuticals in the 2nd quarter valued at about $71,971,000. Freestone Grove Partners LP bought a new stake in shares of Madrigal Pharmaceuticals in the 2nd quarter valued at about $833,000. Finally, Paulson & CO. Inc. acquired a new stake in shares of Madrigal Pharmaceuticals in the second quarter valued at about $719,524,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Trading Up 5.2%

Shares of MDGL stock opened at $538.88 on Thursday. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $393.61 and a fifty-two week high of $615.00. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.94 and a current ratio of 3.20. The stock has a 50 day simple moving average of $525.64 and a two-hundred day simple moving average of $502.07. The company has a market cap of $12.45 billion, a P/E ratio of -41.81 and a beta of -1.01.

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

Wall Street Analyst Weigh In

MDGL has been the subject of a number of analyst reports. UBS Group restated a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 31st. Piper Sandler reissued an “overweight” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, June 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. Bank of America lowered their price target on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating for the company in a report on Thursday, June 11th. Finally, Canaccord Genuity Group boosted their price target on shares of Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Fifteen 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, the company has an average rating of “Moderate Buy” and an average price target of $699.64.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, insider David Soergel sold 1,042 shares of the firm’s stock in a transaction 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 sale, the insider directly owned 10,033 shares in the company, valued at approximately $4,973,759.42. This trade represents a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Shannon T. Kelley sold 664 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $514.97, for a total transaction of $341,940.08. Following the completion of the sale, the general counsel owned 11,474 shares of the company’s stock, valued at $5,908,765.78. The trade was a 5.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 17.60% of the stock is owned by insiders.

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.