Palo Alto Investors LP Acquires New Shares in Madrigal Pharmaceuticals, Inc. $MDGL

Palo Alto Investors LP bought a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,787 shares of the biopharmaceutical company’s stock, valued at approximately $959,530.

A number of other hedge funds have also made changes to their positions in MDGL. Persistent Asset Partners Ltd purchased a new position in shares of Madrigal Pharmaceuticals during the second quarter worth approximately $29,000. Global Retirement Partners LLC acquired a new stake in Madrigal Pharmaceuticals in the 2nd quarter worth approximately $34,000. Kemnay Advisory Services Inc. acquired a new position in Madrigal Pharmaceuticals in the fourth quarter valued at about $39,000. Quarry LP acquired a new position in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at $39,000. Finally, Johnson Financial Group Inc. bought a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter worth approximately $50,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

Shares of Madrigal Pharmaceuticals stock traded down $9.93 on Friday, reaching $533.76. The company’s stock had a trading volume of 268,664 shares, compared to its average volume of 347,854. The company has a quick ratio of 2.94, a current ratio of 3.20 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $12.33 billion, a P/E ratio of -41.41 and a beta of -1.01. The stock has a 50-day moving average price of $526.40 and a 200-day moving average price of $502.54. Madrigal Pharmaceuticals, Inc. has a 52-week low of $393.61 and a 52-week high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $352.13 million. During the same quarter in the prior year, the company earned ($1.90) earnings per share. Madrigal Pharmaceuticals’s revenue was up 71.2% compared to the same quarter last year. Analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current year.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, General Counsel Shannon T. Kelley sold 664 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $514.97, for a total transaction of $341,940.08. Following the completion of the sale, the general counsel directly owned 11,474 shares of the company’s stock, valued at approximately $5,908,765.78. The trade was a 5.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 that occurred on Monday, June 1st. The shares were sold at an average price of $495.74, for a total value of $516,561.08. Following the transaction, the insider directly owned 10,033 shares in the company, valued at $4,973,759.42. This trade 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. Insiders own 17.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. UBS Group reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 31st. Piper Sandler reaffirmed an “overweight” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, June 24th. Wolfe Research raised Madrigal Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $605.00 price target for the company in a research report on Tuesday, August 4th. Truist Financial upped their price objective on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Finally, Barclays lowered their price objective on shares of Madrigal Pharmaceuticals from $964.00 to $962.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Fifteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $699.64.

Madrigal Pharmaceuticals 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.