American Assets Investment Management LLC Makes New Investment in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Key Points

• American Assets Investment Management LLC has purchased a new stake in Madrigal Pharmaceuticals, acquiring 4,500 shares valued at approximately $1,491,000.
• Several institutional investors have increased their positions in Madrigal, with Prudential Financial Inc. and Franklin Resources Inc. growing their stakes by 166.2% and 340.1%, respectively, during the fourth quarter.
• Analysts have set new price targets for Madrigal Pharmaceuticals, with Canaccord Genuity raising its target from $394.00 to $420.00 and a consensus price target now standing at $420.63.

American Assets Investment Management LLC bought a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 4,500 shares of the biopharmaceutical company's stock, valued at approximately $1,491,000.

A number of other hedge funds have also recently modified their holdings of the stock. FMR LLC grew its position in shares of Madrigal Pharmaceuticals by 10.8% in the 4th quarter. FMR LLC now owns 867,850 shares of the biopharmaceutical company's stock valued at $267,792,000 after buying an additional 84,305 shares during the last quarter. Geode Capital Management LLC grew its position in Madrigal Pharmaceuticals by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 410,578 shares of the biopharmaceutical company's stock worth $126,719,000 after purchasing an additional 4,923 shares during the last quarter. Woodline Partners LP grew its position in Madrigal Pharmaceuticals by 110.2% during the 4th quarter. Woodline Partners LP now owns 309,117 shares of the biopharmaceutical company's stock worth $95,384,000 after purchasing an additional 162,027 shares during the last quarter. Rock Springs Capital Management LP grew its position in Madrigal Pharmaceuticals by 0.8% during the 4th 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. Finally, Bank of America Corp DE grew its position in Madrigal Pharmaceuticals by 1.4% during the 4th quarter. Bank of America Corp DE now owns 217,828 shares of the biopharmaceutical company's stock worth $67,215,000 after purchasing an additional 2,940 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ MDGL traded up $3.44 during midday trading on Friday, hitting $345.73. The company had a trading volume of 353,096 shares, compared to its average volume of 441,104. The company has a quick ratio of 5.58, a current ratio of 5.11 and a debt-to-equity ratio of 0.17. Madrigal Pharmaceuticals, Inc. has a twelve month low of $200.63 and a twelve month high of $377.46. The business has a 50-day simple moving average of $301.66 and a two-hundred day simple moving average of $313.10. The firm has a market capitalization of $7.68 billion, a price-to-earnings ratio of -26.91 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $212.80 million during the quarter, compared to analysts' expectations of $158.94 million. During the same quarter last year, the business earned ($7.10) earnings per share. The business's revenue for the quarter was up 1357.5% compared to the same quarter last year. Equities research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Canaccord Genuity Group raised their price objective on shares of Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the stock a "buy" rating in a research report on Wednesday. B. Riley reissued a "buy" rating and set a $460.00 price objective (up from $422.00) on shares of Madrigal Pharmaceuticals in a research report on Friday, May 2nd. Wall Street Zen raised shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, May 5th. JMP Securities reissued a "market outperform" rating and set a $443.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Thursday, April 24th. Finally, UBS Group lifted their target price on shares of Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $430.43.

Insider Activity

In other Madrigal Pharmaceuticals news, Director Paul A. Friedman sold 1,400 shares of Madrigal Pharmaceuticals stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $350.03, for a total transaction of $490,042.00. Following the completion of the transaction, the director owned 187,164 shares in the company, valued at approximately $65,513,014.92. The trade was a 0.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rebecca Taub sold 1,000 shares of Madrigal Pharmaceuticals stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $350.00, for a total transaction of $350,000.00. Following the transaction, the director owned 461,044 shares of the company's stock, valued at approximately $161,365,400. The trade was a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,377 shares of company stock valued at $21,316,969 in the last quarter. Company insiders own 21.50% of the company's stock.

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.