Allostery Investments LP Takes Position in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Allostery Investments LP acquired 600 shares of Madrigal Pharmaceuticals, valued at approximately $199,000, marking a new stake in the biopharmaceutical firm during the first quarter.
• Analysts have shown positive sentiment towards Madrigal Pharmaceuticals, with several firms reissuing "buy" ratings and raising price targets significantly, reflecting a consensus target price of $459.25.
• Madrigal Pharmaceuticals reported a revenue increase of 1357.5% year-over-year, with earnings per share of ($1.90) beating expectations, signaling strong growth potential.

Allostery Investments LP purchased a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 600 shares of the biopharmaceutical company's stock, valued at approximately $199,000.

A number of other hedge funds have also bought and sold shares of the company. Mutual of America Capital Management LLC grew its stake in Madrigal Pharmaceuticals by 0.3% in the first quarter. Mutual of America Capital Management LLC now owns 11,263 shares of the biopharmaceutical company's stock worth $3,731,000 after purchasing an additional 31 shares in the last quarter. First Horizon Advisors Inc. grew its stake in Madrigal Pharmaceuticals by 38.9% in the first quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company's stock worth $52,000 after purchasing an additional 44 shares in the last quarter. GAMMA Investing LLC boosted its stake in Madrigal Pharmaceuticals by 131.4% in the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock valued at $39,000 after acquiring an additional 67 shares during the period. Verity Asset Management Inc. boosted its stake in Madrigal Pharmaceuticals by 4.7% in the first quarter. Verity Asset Management Inc. now owns 1,560 shares of the biopharmaceutical company's stock valued at $517,000 after acquiring an additional 70 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its stake in Madrigal Pharmaceuticals by 6.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 1,203 shares of the biopharmaceutical company's stock valued at $398,000 after acquiring an additional 71 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, Director Paul A. Friedman sold 129,172 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $370.24, for a total value of $47,824,641.28. Following the transaction, the director owned 187,164 shares of the company's stock, valued at approximately $69,295,599.36. This represents a 40.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rebecca Taub sold 43,263 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $355.69, for a total value of $15,388,216.47. Following the completion of the transaction, the director directly owned 461,044 shares in the company, valued at $163,988,740.36. This represents a 8.58% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have purchased 165,683 shares of company stock valued at $61,921,142 and have sold 301,740 shares valued at $109,461,331. Corporate insiders own 21.50% of the company's stock.

Madrigal Pharmaceuticals Price Performance

NASDAQ:MDGL traded up $1.68 during midday trading on Friday, hitting $432.89. 281,201 shares of the stock were exchanged, compared to its average volume of 394,410. Madrigal Pharmaceuticals, Inc. has a one year low of $200.63 and a one year high of $443.00. The company has a market capitalization of $9.61 billion, a price-to-earnings ratio of -33.69 and a beta of -1.02. The business has a 50-day moving average price of $350.02 and a two-hundred day moving average price of $323.03. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17.

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, topping the consensus estimate of ($3.48) by $1.58. The firm had revenue of $212.80 million for the quarter, compared to analysts' expectations of $158.94 million. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%.The firm's quarterly revenue was up 1357.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($7.10) earnings per share. Sell-side analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Canaccord Genuity Group lifted their target price on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. UBS Group reaffirmed a "buy" rating and set a $523.00 price target (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. JMP Securities lifted their price target on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the company a "market outperform" rating in a report on Wednesday, August 20th. HC Wainwright began coverage on Madrigal Pharmaceuticals in a report on Thursday. They set a "buy" rating and a $500.00 price target on the stock. Finally, Cowen reaffirmed a "buy" rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 26th. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $471.13.

Madrigal Pharmaceuticals 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.