12,196 Shares in Madrigal Pharmaceuticals, Inc. $MDGL Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 12,196 shares of the biopharmaceutical company’s stock, valued at approximately $6,549,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada boosted its stake in Madrigal Pharmaceuticals by 22.5% during the first quarter. Royal Bank of Canada now owns 12,526 shares of the biopharmaceutical company’s stock worth $6,557,000 after buying an additional 2,303 shares during the period. Jefferies Financial Group Inc. purchased a new position in shares of Madrigal Pharmaceuticals during the 4th quarter worth about $1,339,000. State of Wyoming purchased a new position in shares of Madrigal Pharmaceuticals during the 2nd quarter worth about $1,294,000. Penn Capital Management Company LLC bought a new position in Madrigal Pharmaceuticals during the 4th quarter valued at about $1,719,000. Finally, BlackRock Inc. bought a new position in Madrigal Pharmaceuticals during the 2nd quarter valued at about $644,753,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ MDGL opened at $533.76 on Monday. Madrigal Pharmaceuticals, Inc. has a twelve month low of $393.61 and a twelve month high of $615.00. The firm has a market cap of $12.33 billion, a PE ratio of -41.41 and a beta of -1.01. The business has a fifty day simple moving average of $526.96 and a two-hundred day simple moving average of $502.86. 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 posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.68) by $0.69. The business had revenue of $364.25 million for the quarter, compared to the consensus estimate of $352.13 million. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.The business’s revenue was up 71.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.90) EPS. Analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MDGL. Wells Fargo & Company initiated coverage on shares of Madrigal Pharmaceuticals in a research note on Monday, July 27th. They issued an “overweight” rating and a $685.00 price objective for the company. HC Wainwright reiterated a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 31st. Barclays decreased their price target on Madrigal Pharmaceuticals from $964.00 to $962.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. Canaccord Genuity Group boosted their price objective on Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Finally, UBS Group reiterated a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 31st. Fifteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $699.64.

Insider Buying and Selling

In other news, General Counsel Shannon T. Kelley sold 664 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $514.97, for a total value of $341,940.08. Following the completion of the sale, the general counsel owned 11,474 shares in the company, valued at approximately $5,908,765.78. The trade was a 5.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 17.60% of the company’s stock.

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.