2,021 Shares in Madrigal Pharmaceuticals, Inc. $MDGL Purchased by CI Investments Inc.

CI Investments Inc. acquired a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the 1st quarter, Holdings Channel reports. The fund acquired 2,021 shares of the biopharmaceutical company’s stock, valued at approximately $1,058,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hsbc Holdings PLC purchased a new position in shares of Madrigal Pharmaceuticals in the 2nd quarter worth approximately $309,000. Qube Research & Technologies Ltd bought a new position in shares of Madrigal Pharmaceuticals during the second quarter valued at approximately $1,163,000. Sei Investments Co. raised its holdings in shares of Madrigal Pharmaceuticals by 73.6% in the second quarter. Sei Investments Co. now owns 17,542 shares of the biopharmaceutical company’s stock worth $5,309,000 after buying an additional 7,438 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Madrigal Pharmaceuticals by 2.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,416 shares of the biopharmaceutical company’s stock worth $7,087,000 after acquiring an additional 471 shares during the last quarter. Finally, Bayesian Capital Management LP bought a new stake in shares of Madrigal Pharmaceuticals during the 2nd quarter worth approximately $418,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MDGL. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. Evercore set a $649.00 target price on shares of Madrigal Pharmaceuticals in a research note on Thursday, May 7th. Bank of America cut their price target on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a report on Thursday, June 11th. Piper Sandler reiterated an “overweight” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, June 24th. Finally, HC Wainwright reissued a “buy” rating and issued a $620.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $687.93.

Madrigal Pharmaceuticals Stock Up 0.2%

Shares of NASDAQ MDGL opened at $544.51 on Friday. The stock’s fifty day simple moving average is $516.10 and its two-hundred day simple moving average is $500.31. Madrigal Pharmaceuticals, Inc. has a 12-month low of $286.44 and a 12-month high of $615.00. 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 $12.56 billion, a PE ratio of -42.54 and a beta of -1.05.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) EPS for the quarter, topping analysts’ consensus estimates of ($3.61) by $0.36. The business had revenue of $311.34 million during the quarter, compared to the consensus estimate of $301.05 million. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The firm’s revenue was up 126.8% on a year-over-year basis. During the same period in the previous year, the company posted ($3.32) earnings per share. As a group, analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.45 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Richard S. Levy sold 5,682 shares of the business’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $515.44, for a total transaction of $2,928,730.08. Following the transaction, the director directly owned 22,015 shares in the company, valued at $11,347,411.60. The trade was a 20.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $495.74, for a total value of $516,561.08. Following the completion of the sale, the insider owned 10,033 shares of the company’s stock, valued at approximately $4,973,759.42. This trade represents a 9.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 7,568 shares of company stock worth $3,880,711. Insiders own 17.60% of the company’s stock.

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.