J. Goldman & Co LP Takes Position in Madrigal Pharmaceuticals, Inc. $MDGL

J. Goldman & Co LP bought a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the second quarter, HoldingsChannel reports. The firm bought 5,069 shares of the biopharmaceutical company’s stock, valued at approximately $2,722,000.

A number of other institutional investors have also recently modified their holdings of MDGL. BlackRock Inc. purchased a new stake in shares of Madrigal Pharmaceuticals in the second quarter valued at about $644,753,000. Janus Henderson Group PLC lifted its stake in Madrigal Pharmaceuticals by 27.4% in the 1st quarter. Janus Henderson Group PLC now owns 2,018,647 shares of the biopharmaceutical company’s stock valued at $1,051,727,000 after buying an additional 433,804 shares in the last quarter. Wellington Management Group LLP grew its holdings in Madrigal Pharmaceuticals by 5,381.2% during the 3rd quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock valued at $185,507,000 after buying an additional 397,076 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in Madrigal Pharmaceuticals during the 2nd quarter valued at $174,038,000. Finally, Norges Bank purchased a new position in Madrigal Pharmaceuticals during the fourth quarter worth $114,368,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Price Performance

Madrigal Pharmaceuticals stock opened at $512.16 on Wednesday. The firm has a fifty day moving average of $524.86 and a 200-day moving average of $501.54. Madrigal Pharmaceuticals, Inc. has a 52-week low of $393.61 and a 52-week high of $615.00. The company has a quick ratio of 2.94, a current ratio of 3.20 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $11.83 billion, a P/E ratio of -39.73 and a beta of -1.01.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.68) by $0.69. The firm had revenue of $364.25 million during 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%.Madrigal Pharmaceuticals’s quarterly revenue was up 71.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.90) EPS. As a group, analysts predict that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current year.

Insider Buying and Selling at Madrigal Pharmaceuticals

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

Wall Street Analyst Weigh In

MDGL has been the topic of several recent research reports. Bank of America reduced their price objective on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a research report on Thursday, June 11th. Wells Fargo & Company assumed coverage on shares of Madrigal Pharmaceuticals in a research note on Monday, July 27th. They issued an “overweight” rating and a $685.00 target price for the company. Citigroup reaffirmed an “outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 17th. Truist Financial lifted their price target on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Finally, Canaccord Genuity Group upped their price objective on shares of Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Fifteen investment 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 data from MarketBeat.com, Madrigal Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $699.64.

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.