Madrigal Pharmaceuticals, Inc. (MDGL) Sees Unusually-High Trading Volume
Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) shares saw unusually-high trading volume on Monday . Approximately 138,825 shares changed hands during trading, an increase of 326% from the previous session’s volume of 32,606 shares.The stock last traded at $33.90 and had previously closed at $34.18.
Separately, Evercore ISI initiated coverage on shares of Madrigal Pharmaceuticals in a research report on Friday. They set an “outperform” rating and a $65.00 price target on the stock.
Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Thursday, August 10th. The biopharmaceutical company reported ($0.69) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.60) by ($0.09).
In related news, Director Richard S. Levy purchased 2,000 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was acquired at an average price of $16.12 per share, for a total transaction of $32,240.00. Following the acquisition, the director now directly owns 7,200 shares of the company’s stock, valued at approximately $116,064. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Richard S. Levy purchased 3,550 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was bought at an average price of $15.88 per share, with a total value of $56,374.00. Following the acquisition, the director now directly owns 900 shares in the company, valued at $14,292. The disclosure for this purchase can be found here. Insiders bought a total of 9,100 shares of company stock valued at $145,840 in the last quarter. Insiders own 66.40% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Renaissance Technologies LLC increased its holdings in Madrigal Pharmaceuticals by 0.7% during the 1st quarter. Renaissance Technologies LLC now owns 57,875 shares of the biopharmaceutical company’s stock valued at $891,000 after acquiring an additional 400 shares in the last quarter. New York State Common Retirement Fund purchased a new position in Madrigal Pharmaceuticals during the 2nd quarter valued at about $109,000. California State Teachers Retirement System purchased a new position in Madrigal Pharmaceuticals during the 2nd quarter valued at about $117,000. TIAA CREF Investment Management LLC purchased a new position in Madrigal Pharmaceuticals during the 2nd quarter valued at about $120,000. Finally, Bank of New York Mellon Corp purchased a new position in Madrigal Pharmaceuticals during the 2nd quarter valued at about $179,000. Hedge funds and other institutional investors own 16.39% of the company’s stock.
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Madrigal Pharmaceuticals Company Profile
Madrigal Pharmaceuticals, Inc, formerly Synta Pharmaceuticals Corp., is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular-metabolic diseases and nonalcoholic steatohepatitis (NASH). The Company’s lead product, MGL-3196, is a Phase II-ready once-daily, oral, liver-directed selective thyroid hormone receptor-b (THR-b) agonist for the treatment of NASH, and heterozygous and homozygous familial hypercholesterolemia (FH).
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