Bamco Inc. NY Makes New $2.42 Million Investment in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Bamco Inc. NY acquired a new $2.42 million stake in Madrigal Pharmaceuticals during the second quarter, purchasing 4,500 shares. Institutional investors collectively own 98.5% of the company.
• Analyst sentiment is broadly positive, with 15 Buy ratings, two Holds and one Sell; the stock has a consensus “Moderate Buy” rating and a target price of $699.64.
• Madrigal exceeded quarterly expectations, reporting an adjusted loss of $1.99 per share versus the $2.68 estimate and revenue of $364.25 million, up 71.2% year over year.

Bamco Inc. NY bought a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 4,500 shares of the biopharmaceutical company's stock, valued at approximately $2,416,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Persistent Asset Partners Ltd acquired a new position in shares of Madrigal Pharmaceuticals in the 2nd quarter valued at $29,000. Global Retirement Partners LLC purchased a new position in Madrigal Pharmaceuticals during the second quarter valued at approximately $34,000. 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 position in Madrigal Pharmaceuticals in the fourth quarter valued at about $39,000. Finally, Johnson Financial Group Inc. acquired a new position in Madrigal Pharmaceuticals in the 3rd quarter worth about $50,000. 98.50% of the stock is currently owned by institutional investors.

Insider Transactions at Madrigal Pharmaceuticals

In related news, General Counsel Shannon T. Kelley sold 664 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $514.97, for a total transaction of $341,940.08. Following the completion of the sale, the general counsel owned 11,474 shares in the company, valued at $5,908,765.78. This represents a 5.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David Soergel sold 1,042 shares of the firm'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 sale, the insider directly owned 10,033 shares in the company, valued at $4,973,759.42. This trade represents a 9.41% decrease in their position. 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. Insiders own 17.60% of the company's stock.

Analysts Set New Price Targets

MDGL has been the subject of several research reports. Wolfe Research upgraded Madrigal Pharmaceuticals from a "peer perform" rating to an "outperform" rating and set a $605.00 price target for the company in a report on Tuesday, August 4th. Barclays dropped their price objective on Madrigal Pharmaceuticals from $964.00 to $962.00 and set an "overweight" rating on the stock in a report on Monday, August 3rd. Canaccord Genuity Group lifted their target price 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. Wells Fargo & Company assumed coverage on shares of Madrigal Pharmaceuticals in a research note on Monday, July 27th. They issued an "overweight" rating and a $685.00 target price for the company. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. Fifteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $699.64.

Madrigal Pharmaceuticals Price Performance

NASDAQ MDGL opened at $543.69 on Friday. Madrigal Pharmaceuticals, Inc. has a 1 year low of $393.61 and a 1 year high of $615.00. The company has a fifty day simple moving average of $526.40 and a 200 day simple moving average of $502.54. 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 has a market cap of $12.56 billion, a P/E ratio of -42.18 and a beta of -1.01.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share for the quarter, topping analysts' consensus estimates of ($2.68) by $0.69. Madrigal Pharmaceuticals had a negative net margin of 25.32% and a negative return on equity of 56.65%. 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) EPS. The business's revenue was up 71.2% on a year-over-year basis. On average, sell-side analysts predict that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current year.

Madrigal Pharmaceuticals 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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