Assenagon Asset Management S.A. Buys 108,181 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Assenagon Asset Management increased its Madrigal Pharmaceuticals stake by 674.7% in the second quarter, buying 108,181 additional shares and ending the period with 124,214 shares worth approximately $66.7 million.
• Institutional investors own 98.5% of MDGL, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $689.93, above the stock’s reported $510.04 price.
• Madrigal reported quarterly revenue of $364.25 million, up 71.2% year over year, and an EPS loss of $1.99 that beat consensus estimates; insiders, however, sold 7,568 shares worth $3.88 million over the past three months.

Assenagon Asset Management S.A. raised its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 674.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 124,214 shares of the biopharmaceutical company's stock after buying an additional 108,181 shares during the period. Assenagon Asset Management S.A. owned about 0.54% of Madrigal Pharmaceuticals worth $66,697,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Janus Henderson Group PLC grew its stake in shares of Madrigal Pharmaceuticals by 27.4% during the 1st quarter. Janus Henderson Group PLC now owns 2,018,647 shares of the biopharmaceutical company's stock valued at $1,051,727,000 after acquiring an additional 433,804 shares during the period. Wellington Management Group LLP lifted its holdings in Madrigal Pharmaceuticals by 14.1% in the 4th quarter. Wellington Management Group LLP now owns 461,402 shares of the biopharmaceutical company's stock worth $268,693,000 after purchasing an additional 56,947 shares in the last quarter. Geode Capital Management LLC grew its holdings in Madrigal Pharmaceuticals by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 451,743 shares of the biopharmaceutical company's stock valued at $263,114,000 after buying an additional 5,510 shares in the last quarter. Invesco Ltd. raised its position in shares of Madrigal Pharmaceuticals by 21.9% during the fourth quarter. Invesco Ltd. now owns 365,314 shares of the biopharmaceutical company's stock valued at $212,737,000 after buying an additional 65,749 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Madrigal Pharmaceuticals by 12.7% in the 2nd quarter. Bank of America Corp DE now owns 277,221 shares of the biopharmaceutical company's stock valued at $83,898,000 after acquiring an additional 31,260 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MDGL. Truist Financial lifted their price objective on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a "buy" rating in a research note on Wednesday, May 13th. Barclays reduced their price objective on Madrigal Pharmaceuticals from $964.00 to $962.00 and set an "overweight" rating on the stock in a research note on Monday. Canaccord Genuity Group raised their price objective on Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Evercore set a $649.00 target price on Madrigal Pharmaceuticals in a research report on Thursday, May 7th. Finally, Wolfe Research raised shares of Madrigal Pharmaceuticals from a "peer perform" rating to an "outperform" rating and set a $605.00 target price on the stock in a research note on Tuesday. Fifteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $689.93.

Insider Activity at Madrigal Pharmaceuticals

In related news, insider David Soergel sold 1,042 shares of the business's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $495.74, for a total value of $516,561.08. Following the completion of the transaction, the insider owned 10,033 shares of the company's stock, valued at $4,973,759.42. The trade was a 9.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $515.44, for a total transaction of $2,928,730.08. Following the sale, the director directly owned 22,015 shares of the company's stock, valued at approximately $11,347,411.60. The trade was a 20.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 7,568 shares of company stock worth $3,880,711. 17.60% of the stock is currently owned by corporate insiders.

Madrigal Pharmaceuticals Trading Down 0.1%

NASDAQ MDGL opened at $510.04 on Friday. The stock has a market cap of $11.78 billion, a PE ratio of -39.57 and a beta of -1.01. Madrigal Pharmaceuticals, Inc. has a 12 month low of $339.31 and a 12 month high of $615.00. The company's 50-day moving average price is $515.31 and its 200-day moving average price is $499.17. The company has a current ratio of 3.20, a quick ratio of 2.94 and a debt-to-equity ratio of 0.65.

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

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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