Hsbc Holdings PLC Takes $10.87 Million Position in Madrigal Pharmaceuticals, Inc. $MDGL

Hsbc Holdings PLC bought a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 20,240 shares of the biopharmaceutical company’s stock, valued at approximately $10,868,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MDGL. Persistent Asset Partners Ltd purchased a new stake in Madrigal Pharmaceuticals during the 2nd quarter valued at about $29,000. Global Retirement Partners LLC purchased a new position in shares of Madrigal Pharmaceuticals in the second quarter worth about $34,000. Kemnay Advisory Services Inc. purchased a new position in shares of Madrigal Pharmaceuticals in the fourth quarter worth about $39,000. Quarry LP acquired a new stake in shares of Madrigal Pharmaceuticals during the third quarter worth about $39,000. Finally, Accent Capital Management LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 64.9% during the fourth quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company’s stock worth $55,000 after purchasing an additional 37 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on MDGL. Wells Fargo & Company assumed coverage on shares of Madrigal Pharmaceuticals in a report on Monday, July 27th. They issued an “overweight” rating and a $685.00 price target on the stock. Evercore set a $649.00 price objective on shares of Madrigal Pharmaceuticals in a report on Thursday, May 7th. Citigroup reiterated an “outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 17th. Canaccord Genuity Group raised their target price on shares of Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Finally, Barclays decreased their target price on shares of Madrigal Pharmaceuticals from $964.00 to $962.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. Fifteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $699.64.

Insider Buying and Selling

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 shares were sold at an average price of $514.97, for a total transaction of $341,940.08. Following the completion of the transaction, the general counsel directly owned 11,474 shares of the company’s stock, valued at $5,908,765.78. The trade was a 5.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $495.74, for a total transaction of $516,561.08. Following the completion of the transaction, the insider owned 10,033 shares of the company’s stock, 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. 17.60% of the stock is owned by company insiders.

Madrigal Pharmaceuticals Stock Down 1.8%

Madrigal Pharmaceuticals stock opened at $533.76 on Friday. The firm has a market cap of $12.33 billion, a price-to-earnings ratio of -41.41 and a beta of -1.01. Madrigal Pharmaceuticals, Inc. has a 52 week low of $393.61 and a 52 week high of $615.00. The business’s 50-day moving average price is $526.96 and its 200 day moving average price is $502.76. The company has a quick ratio of 2.94, a current ratio of 3.20 and a debt-to-equity ratio of 0.65.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.68) by $0.69. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.The company had revenue of $364.25 million during the quarter, compared to the consensus estimate of $352.13 million. During the same period in the previous year, the company posted ($1.90) earnings per share. Madrigal Pharmaceuticals’s revenue for the quarter was up 71.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -7.03 earnings per share for the current year.

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.