Madrigal Pharmaceuticals (NASDAQ:MDGL) Director Sells $2,928,730.08 in Stock

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Director Richard Levy sold 5,682 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $515.44, for a total transaction of $2,928,730.08. Following the completion of the transaction, the director owned 22,015 shares in the company, valued at approximately $11,347,411.60. This trade represents a 20.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Madrigal Pharmaceuticals Price Performance

NASDAQ:MDGL traded up $3.67 on Friday, reaching $517.26. The stock had a trading volume of 160,811 shares, compared to its average volume of 344,030. The company has a market capitalization of $11.93 billion, a P/E ratio of -40.41 and a beta of -1.04. Madrigal Pharmaceuticals, Inc. has a 1-year low of $265.00 and a 1-year high of $615.00. The company has a quick ratio of 3.16, a current ratio of 3.50 and a debt-to-equity ratio of 0.63. The stock has a fifty day moving average price of $504.69 and a 200-day moving average price of $513.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results 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 net margin of 27.32% and a negative return on equity of 50.15%. The company had revenue of $311.34 million during the quarter, compared to the consensus estimate of $301.05 million. During the same period in the previous year, the firm posted ($3.32) earnings per share. The company’s revenue was up 126.8% on a year-over-year basis. Research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -6.49 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MDGL. Baker BROS. Advisors LP increased its position in Madrigal Pharmaceuticals by 8.4% during the third quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock worth $982,313,000 after acquiring an additional 165,683 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its position in Madrigal Pharmaceuticals by 388.3% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 15,288 shares of the biopharmaceutical company’s stock worth $7,012,000 after acquiring an additional 12,157 shares during the period. Iron Triangle Partners LP bought a new position in Madrigal Pharmaceuticals during the third quarter worth about $26,776,000. New York State Common Retirement Fund increased its position in Madrigal Pharmaceuticals by 13.4% during the third quarter. New York State Common Retirement Fund now owns 69,273 shares of the biopharmaceutical company’s stock worth $31,773,000 after acquiring an additional 8,211 shares during the period. Finally, WCM Investment Management LLC bought a new position in Madrigal Pharmaceuticals during the third quarter worth about $8,105,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MDGL. Barclays began coverage on shares of Madrigal Pharmaceuticals in a research note on Tuesday, January 27th. They issued an “overweight” rating and a $964.00 target price for the company. Zacks Research raised shares of Madrigal Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Friday, February 20th. Bank of America lowered their target price on shares of Madrigal Pharmaceuticals from $570.00 to $529.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, April 21st. Finally, Evercore set a $649.00 target price on shares of Madrigal Pharmaceuticals in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Madrigal Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $687.00.

Madrigal Pharmaceuticals Company Profile

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.