2,410 Shares in Madrigal Pharmaceuticals, Inc. $MDGL Acquired by State of Wyoming

Key Points

• State of Wyoming acquired 2,410 shares of Madrigal Pharmaceuticals worth approximately $1.29 million, while other institutional investors also initiated or increased positions. Institutions collectively own 98.5% of the company.
• Madrigal reported better-than-expected quarterly results, with an adjusted loss of $1.99 per share versus the $2.68 consensus estimate and revenue of $364.25 million, up 71.2% year over year.
• Analyst sentiment remains broadly positive: 15 analysts rate the stock a Buy, two rate it Hold and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $689.93 versus a recent price near $507.56. Insiders, however, sold 7,568 shares worth about $3.88 million over the past three months.

State of Wyoming acquired a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,410 shares of the biopharmaceutical company's stock, valued at approximately $1,294,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP purchased a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at $39,000. Kemnay Advisory Services Inc. purchased a new stake in Madrigal Pharmaceuticals in the 4th quarter worth about $39,000. Johnson Financial Group Inc. bought a new stake in Madrigal Pharmaceuticals in the 3rd quarter valued at about $50,000. Accent Capital Management LLC raised its stake in Madrigal Pharmaceuticals by 64.9% in the 4th quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company's stock valued at $55,000 after acquiring an additional 37 shares during the period. Finally, Farther Finance Advisors LLC lifted its holdings in Madrigal Pharmaceuticals by 34.6% during the fourth quarter. Farther Finance Advisors LLC now owns 140 shares of the biopharmaceutical company's stock valued at $82,000 after purchasing an additional 36 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, Director Richard S. Levy sold 5,682 shares of the company's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $515.44, for a total value of $2,928,730.08. Following the transaction, the director owned 22,015 shares of the company's stock, valued at approximately $11,347,411.60. This represents a 20.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the company's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $495.74, for a total transaction of $516,561.08. Following the completion of the transaction, the insider directly owned 10,033 shares in the company, valued at approximately $4,973,759.42. The trade was 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. Over the last three months, insiders sold 7,568 shares of company stock valued at $3,880,711. Insiders own 17.60% of the company's stock.

Madrigal Pharmaceuticals Trading Up 0.0%

Shares of Madrigal Pharmaceuticals stock opened at $507.56 on Friday. Madrigal Pharmaceuticals, Inc. has a 12-month low of $351.32 and a 12-month high of $615.00. The company has a market cap of $11.72 billion, a price-to-earnings ratio of -39.38 and a beta of -1.01. The company has a current ratio of 3.20, a quick ratio of 2.94 and a debt-to-equity ratio of 0.65. The company's 50-day moving average price is $519.31 and its 200-day moving average price is $500.00.

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

Analysts Set New Price Targets

A number of analysts recently commented on MDGL shares. Citigroup restated an "outperform" rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 17th. Canaccord Genuity Group lifted their price objective on shares of Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Weiss Ratings reissued a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. UBS Group restated a "buy" rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 31st. Finally, Barclays cut their price target on Madrigal Pharmaceuticals from $964.00 to $962.00 and set an "overweight" rating for the company in a report 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. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $689.93.

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.

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