Madrigal Pharmaceuticals, Inc. $MDGL Shares Acquired by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners significantly increased its holdings in Madrigal Pharmaceuticals by 860.0% during the first quarter, now owning approximately 0.86% of the company worth $63.47 million.
• CEO William John Sibold and General Counsel Shannon T. Kelley both sold shares of Madrigal Pharmaceuticals recently, with Sibold's sale representing a 6.49% decrease in his ownership position.
• Research analysts have issued positive ratings for Madrigal Pharmaceuticals, with a consensus target price of $459.25 and several firms raising their price objectives for the stock.

Adage Capital Partners GP L.L.C. raised its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 860.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 191,609 shares of the biopharmaceutical company's stock after acquiring an additional 171,649 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.86% of Madrigal Pharmaceuticals worth $63,467,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. VSM Wealth Advisory LLC purchased a new position in shares of Madrigal Pharmaceuticals during the first quarter valued at approximately $25,000. Accent Capital Management LLC bought a new position in Madrigal Pharmaceuticals in the first quarter worth approximately $25,000. Summit Securities Group LLC bought a new position in Madrigal Pharmaceuticals in the first quarter worth approximately $33,000. Farther Finance Advisors LLC raised its stake in Madrigal Pharmaceuticals by 825.0% in the first quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company's stock worth $36,000 after buying an additional 99 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Madrigal Pharmaceuticals by 131.4% during the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock worth $39,000 after purchasing an additional 67 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Madrigal Pharmaceuticals Stock Performance

MDGL traded up $1.68 on Friday, reaching $432.89. The company had a trading volume of 281,201 shares, compared to its average volume of 394,410. The stock has a 50-day moving average price of $350.02 and a 200-day moving average price of $323.03. Madrigal Pharmaceuticals, Inc. has a 1 year low of $200.63 and a 1 year high of $443.00. The company has a quick ratio of 4.78, a current ratio of 5.11 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $9.61 billion, a PE ratio of -33.69 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) EPS for the quarter, beating analysts' consensus estimates of ($3.48) by $1.58. Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. The business had revenue of $212.80 million during the quarter, compared to analysts' expectations of $158.94 million. During the same period in the prior year, the company earned ($7.10) earnings per share. The business's revenue was up 1357.5% compared to the same quarter last year. As a group, research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 7,616 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $400.18, for a total value of $3,047,770.88. Following the sale, the chief executive officer owned 109,753 shares of the company's stock, valued at approximately $43,920,955.54. The trade was a 6.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Shannon T. Kelley sold 1,304 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $367.81, for a total transaction of $479,624.24. Following the transaction, the general counsel owned 9,173 shares in the company, valued at $3,373,921.13. The trade was a 12.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have bought 165,683 shares of company stock worth $61,921,142 and have sold 301,740 shares worth $109,461,331. 21.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MDGL shares. Canaccord Genuity Group upped their target price on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. UBS Group reissued a "buy" rating and set a $523.00 target price (up from $458.00) on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 12th. JMP Securities upped their price target on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a "market outperform" rating in a research report on Wednesday, August 20th. HC Wainwright began coverage on shares of Madrigal Pharmaceuticals in a research report on Thursday. They set a "buy" rating and a $500.00 price target for the company. Finally, Cowen reiterated a "buy" rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 26th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $471.13.

Madrigal Pharmaceuticals Company Profile

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.