128,520 Shares in Madrigal Pharmaceuticals, Inc. $MDGL Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 128,520 Madrigal Pharmaceuticals shares worth approximately $69 million, giving it a 0.56% stake. Institutional investors collectively own 98.5% of MDGL.
• Madrigal reported better-than-expected quarterly results, with revenue up 71.2% year over year to $364.25 million and an EPS loss of $1.99 versus the $2.68 consensus estimate.
• Analyst sentiment remains favorable: MDGL has a “Moderate Buy” consensus rating and a $699.64 average price target, compared with its reported opening price of $512.16.

Bank of New York Mellon Corp acquired a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 128,520 shares of the biopharmaceutical company's stock, valued at approximately $69,009,000. Bank of New York Mellon Corp owned about 0.56% of Madrigal Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Janus Henderson Group PLC grew its position in Madrigal Pharmaceuticals by 27.4% in the 1st quarter. Janus Henderson Group PLC now owns 2,018,647 shares of the biopharmaceutical company's stock worth $1,051,727,000 after purchasing an additional 433,804 shares during the period. Wellington Management Group LLP raised its stake in Madrigal Pharmaceuticals by 5,381.2% during the 3rd quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company's stock valued at $185,507,000 after buying an additional 397,076 shares during the last quarter. Norges Bank bought a new position in shares of Madrigal Pharmaceuticals during the 4th quarter valued at $114,368,000. Deutsche Bank AG lifted its holdings in shares of Madrigal Pharmaceuticals by 414.5% during the 4th quarter. Deutsche Bank AG now owns 192,109 shares of the biopharmaceutical company's stock valued at $111,873,000 after buying an additional 154,767 shares during the period. Finally, Lord Abbett & CO. LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 139.7% during the 4th quarter. Lord Abbett & CO. LLC now owns 244,796 shares of the biopharmaceutical company's stock valued at $142,555,000 after buying an additional 142,653 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Insider Transactions at Madrigal Pharmaceuticals

In other news, General Counsel Shannon T. Kelley sold 664 shares of the company's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $514.97, for a total value of $341,940.08. Following the completion of the transaction, the general counsel owned 11,474 shares of the company's stock, valued at $5,908,765.78. This represents a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $495.74, for a total value of $516,561.08. Following the sale, the insider owned 10,033 shares of the company's stock, valued at $4,973,759.42. This represents a 9.41% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 17.60% of the company's stock.

Madrigal Pharmaceuticals Stock Performance

MDGL opened at $512.16 on Wednesday. The firm has a market cap of $11.83 billion, a P/E ratio of -39.73 and a beta of -1.01. Madrigal Pharmaceuticals, Inc. has a 1-year low of $393.61 and a 1-year high of $615.00. The company has a 50 day simple moving average of $524.86 and a two-hundred day simple moving average of $501.54. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.20 and a quick ratio of 2.94.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($1.99) EPS for the quarter, beating the consensus estimate of ($2.68) by $0.69. The firm had revenue of $364.25 million for the quarter, compared to the consensus estimate of $352.13 million. Madrigal Pharmaceuticals had a negative net margin of 25.32% and a negative return on equity of 56.65%. The company's revenue was up 71.2% on a year-over-year basis. During the same period last year, the firm earned ($1.90) EPS. Equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -7.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MDGL has been the subject of several recent research reports. UBS Group restated a "buy" rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 31st. Citigroup reaffirmed an "outperform" rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. Wolfe Research upgraded shares of Madrigal Pharmaceuticals from a "peer perform" rating to an "outperform" rating and set a $605.00 price target on the stock in a research report on Tuesday, August 4th. Canaccord Genuity Group lifted their price target on shares of Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Finally, Wells Fargo & Company started coverage on shares of Madrigal Pharmaceuticals in a research report on Monday, July 27th. They set an "overweight" rating and a $685.00 price objective for the company. Fifteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Madrigal Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus target price of $699.64.

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.

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