Pier 88 Investment Partners LLC Takes Position in Madrigal Pharmaceuticals, Inc. $MDGL

Pier 88 Investment Partners LLC acquired a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,080 shares of the biopharmaceutical company’s stock, valued at approximately $629,000.

Other large investors have also recently made changes to their positions in the company. Flagship Harbor Advisors LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter valued at about $29,000. Aventura Private Wealth LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter valued at about $36,000. Global Retirement Partners LLC boosted its position in shares of Madrigal Pharmaceuticals by 221.7% in the 3rd quarter. Global Retirement Partners LLC now owns 74 shares of the biopharmaceutical company’s stock valued at $34,000 after purchasing an additional 51 shares during the period. First Horizon Corp acquired a new stake in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at about $34,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at about $39,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, General Counsel Shannon T. Kelley sold 360 shares of the 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 completion of the sale, the general counsel directly owned 12,138 shares of the company’s stock, valued at approximately $5,242,887.72. This trade represents a 2.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rebecca Taub sold 491 shares of the stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $431.94, for a total value of $212,082.54. Following the sale, the director directly owned 452,213 shares of the company’s stock, valued at $195,328,883.22. The trade was a 0.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 6,098 shares of company stock worth $2,626,254 in the last ninety days. Company insiders own 17.60% of the company’s stock.

Madrigal Pharmaceuticals Stock Down 2.6%

Madrigal Pharmaceuticals stock opened at $497.03 on Tuesday. Madrigal Pharmaceuticals, Inc. has a twelve month low of $265.00 and a twelve month high of $615.00. The stock has a 50 day moving average of $490.94 and a two-hundred day moving average of $508.12. The company has a current ratio of 3.50, a quick ratio of 3.16 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $11.46 billion, a price-to-earnings ratio of -38.83 and a beta of -1.04.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 27.32%.The company had revenue of $311.34 million during the quarter, compared to analysts’ expectations of $301.05 million. During the same period last year, the firm earned ($3.32) EPS. The firm’s revenue for the quarter was up 126.8% on a year-over-year basis. As a group, research analysts expect that Madrigal Pharmaceuticals, Inc. will post -5.59 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on MDGL shares. Citigroup reissued an “outperform” rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, January 20th. HC Wainwright reissued a “buy” rating and issued a $620.00 target price on shares of Madrigal Pharmaceuticals in a research report on Wednesday, May 6th. Bank of America decreased their target price on Madrigal Pharmaceuticals from $570.00 to $529.00 and set a “neutral” rating for the company in a research report on Friday, February 20th. Zacks Research raised Madrigal Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Friday, February 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Madrigal Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $682.07.

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.