First Light Asset Management LLC Buys New Position in Madrigal Pharmaceuticals, Inc. $MDGL

First Light Asset Management LLC bought a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the third quarter, Holdings Channel.com reports. The fund bought 11,539 shares of the biopharmaceutical company’s stock, valued at approximately $5,292,000.

Several other hedge funds have also recently added to or reduced their stakes in MDGL. Brevan Howard Capital Management LP lifted its position in shares of Madrigal Pharmaceuticals by 17.9% in the 3rd quarter. Brevan Howard Capital Management LP now owns 1,375 shares of the biopharmaceutical company’s stock worth $631,000 after purchasing an additional 209 shares during the period. Baker BROS. Advisors LP boosted its stake in shares of Madrigal Pharmaceuticals by 8.4% in the 3rd quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock valued at $982,313,000 after purchasing an additional 165,683 shares during the last quarter. Bamco Inc. NY acquired a new stake in shares of Madrigal Pharmaceuticals during the third quarter worth $1,193,000. Boothbay Fund Management LLC bought a new position in Madrigal Pharmaceuticals during the third quarter worth $512,000. Finally, Ally Bridge Group NY LLC bought a new position in Madrigal Pharmaceuticals during the third quarter worth $14,981,000. Institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Trading Up 1.4%

NASDAQ:MDGL opened at $444.83 on Monday. The company has a debt-to-equity ratio of 0.56, a current ratio of 4.01 and a quick ratio of 3.77. The firm has a 50-day moving average of $477.62 and a 200-day moving average of $488.83. The company has a market cap of $10.20 billion, a PE ratio of -34.56 and a beta of -0.97. Madrigal Pharmaceuticals, Inc. has a one year low of $265.00 and a one year high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Thursday, February 19th. The biopharmaceutical company reported ($2.57) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($2.61). The business had revenue of $321.08 million during the quarter, compared to analyst estimates of $310.36 million. Madrigal Pharmaceuticals had a negative return on equity of 43.76% and a negative net margin of 30.08%.The company’s revenue was up 210.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($2.71) EPS. As a group, equities research analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Bank of America cut their price target on shares of Madrigal Pharmaceuticals from $570.00 to $529.00 and set a “neutral” rating on the stock in a research report on Friday, February 20th. Oppenheimer boosted their price objective on Madrigal Pharmaceuticals from $600.00 to $650.00 and gave the company an “outperform” rating in a research note on Thursday, November 20th. Truist Financial upped their target price on Madrigal Pharmaceuticals from $580.00 to $640.00 and gave the company a “buy” rating in a research report on Wednesday, November 19th. Piper Sandler lifted their target price on Madrigal Pharmaceuticals from $540.00 to $900.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. Finally, TD Cowen restated a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $685.31.

Insider Activity

In related news, General Counsel Shannon T. Kelley sold 360 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $431.94, for a total transaction of $155,498.40. Following the transaction, the general counsel owned 12,138 shares of the company’s stock, valued at $5,242,887.72. The trade was a 2.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William John Sibold sold 1,663 shares of the company’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $431.94, for a total value of $718,316.22. Following the sale, the chief executive officer owned 161,829 shares of the company’s stock, valued at $69,900,418.26. This trade represents a 1.02% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 55,612 shares of company stock worth $28,326,065. Company insiders own 21.50% of the company’s stock.

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.