Adage Capital Partners GP L.L.C. Takes Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Adage Capital Partners GP L.L.C. purchased a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 19,960 shares of the biopharmaceutical company's stock, valued at approximately $6,159,000. Adage Capital Partners GP L.L.C. owned 0.09% of Madrigal Pharmaceuticals at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Syon Capital LLC purchased a new position in Madrigal Pharmaceuticals in the fourth quarter valued at about $313,000. Hood River Capital Management LLC purchased a new position in shares of Madrigal Pharmaceuticals in the 4th quarter worth approximately $39,447,000. Dark Forest Capital Management LP bought a new position in shares of Madrigal Pharmaceuticals during the 4th quarter worth approximately $397,000. Hsbc Holdings PLC raised its stake in shares of Madrigal Pharmaceuticals by 32.7% during the 4th quarter. Hsbc Holdings PLC now owns 2,091 shares of the biopharmaceutical company's stock worth $643,000 after acquiring an additional 515 shares in the last quarter. Finally, Rock Springs Capital Management LP grew its holdings in Madrigal Pharmaceuticals by 0.8% in the fourth quarter. Rock Springs Capital Management LP now owns 265,212 shares of the biopharmaceutical company's stock worth $81,836,000 after purchasing an additional 2,150 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Insider Activity at Madrigal Pharmaceuticals

In related news, VP Robert E. Waltermire sold 1,227 shares of Madrigal Pharmaceuticals stock in a transaction on Friday, February 28th. The shares were sold at an average price of $341.07, for a total value of $418,492.89. Following the sale, the vice president now owns 3,728 shares of the company's stock, valued at approximately $1,271,508.96. This trade represents a 24.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James M. Daly sold 15,470 shares of the company's stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $347.45, for a total transaction of $5,375,051.50. Following the transaction, the director now owns 1,912 shares of the company's stock, valued at $664,324.40. This represents a 89.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,810 shares of company stock worth $10,610,594. 22.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

MDGL has been the subject of a number of recent analyst reports. B. Riley reissued a "buy" rating and issued a $460.00 price objective (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a research report on Friday. UBS Group raised their price target on Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the stock a "buy" rating in a report on Friday. JMP Securities reaffirmed a "market outperform" rating and issued a $443.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Thursday, April 24th. Citigroup boosted their target price on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a "buy" rating in a research report on Thursday, February 27th. Finally, HC Wainwright raised their price target on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a "buy" rating in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $416.33.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL stock traded down $12.22 on Friday, hitting $315.48. The company had a trading volume of 592,271 shares, compared to its average volume of 389,223. Madrigal Pharmaceuticals, Inc. has a twelve month low of $200.08 and a twelve month high of $377.46. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15. The firm has a market cap of $7.00 billion, a P/E ratio of -12.58 and a beta of -0.91. The company has a 50-day moving average price of $325.65 and a 200-day moving average price of $315.37.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The biopharmaceutical company reported ($3.32) EPS for the quarter, topping the consensus estimate of ($3.62) by $0.30. The company had revenue of $137.25 million during the quarter, compared to analysts' expectations of $112.79 million. During the same quarter in the prior year, the company posted ($7.38) EPS. As a group, equities research analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.