Bayforest Capital Ltd Invests $638,000 in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Bayforest Capital Ltd has invested $638,000 in Madrigal Pharmaceuticals, acquiring 2,107 shares during the second quarter.
• Madrigal Pharmaceuticals has received multiple "buy" ratings from various analysts, with target prices ranging from $500 to $560, reflecting positive investor sentiment.
• Insider trading activity includes significant stock sales, with Director Paul A. Friedman selling 129,172 shares for over $47 million, despite the company reporting substantial year-over-year revenue growth of 1357.5%.

Bayforest Capital Ltd bought a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,107 shares of the biopharmaceutical company's stock, valued at approximately $638,000.

Other institutional investors have also recently made changes to their positions in the company. TD Asset Management Inc raised its position in Madrigal Pharmaceuticals by 4.5% in the second quarter. TD Asset Management Inc now owns 23,240 shares of the biopharmaceutical company's stock valued at $7,033,000 after purchasing an additional 1,000 shares during the period. Sivik Global Healthcare LLC acquired a new position in shares of Madrigal Pharmaceuticals during the second quarter worth $1,513,000. KLP Kapitalforvaltning AS grew its stake in shares of Madrigal Pharmaceuticals by 15.4% during the second quarter. KLP Kapitalforvaltning AS now owns 3,000 shares of the biopharmaceutical company's stock worth $908,000 after purchasing an additional 400 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its stake in shares of Madrigal Pharmaceuticals by 19.0% during the second quarter. Knights of Columbus Asset Advisors LLC now owns 4,603 shares of the biopharmaceutical company's stock worth $1,393,000 after purchasing an additional 736 shares in the last quarter. Finally, Strid Group LLC acquired a new position in Madrigal Pharmaceuticals in the second quarter valued at $757,000. Hedge funds and other institutional investors own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

MDGL has been the subject of several recent research reports. Canaccord Genuity Group increased their target price on shares of Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the stock a "buy" rating in a research note on Friday, September 12th. B. Riley increased their target price on shares of Madrigal Pharmaceuticals from $460.00 to $560.00 and gave the company a "buy" rating in a report on Monday, September 29th. Cowen reissued a "buy" rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 26th. UBS Group reaffirmed a "buy" rating and issued a $523.00 target price (up from $458.00) on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 12th. Finally, HC Wainwright started coverage on Madrigal Pharmaceuticals in a research report on Thursday, September 4th. They issued a "buy" rating and a $500.00 target price on the stock. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $531.89.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Paul A. Friedman sold 129,172 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $370.24, for a total value of $47,824,641.28. Following the completion of the transaction, the director owned 187,164 shares in the company, valued at approximately $69,295,599.36. This represents a 40.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bros. Advisors Lp Baker purchased 59,901 shares of Madrigal Pharmaceuticals stock in a transaction dated Wednesday, August 20th. The stock was bought at an average cost of $385.16 per share, with a total value of $23,071,469.16. Following the completion of the purchase, the director owned 1,947,968 shares in the company, valued at approximately $750,279,354.88. This trade represents a 3.17% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 165,683 shares of company stock worth $61,921,142 and have sold 256,399 shares worth $94,105,480. 21.50% of the stock is currently owned by corporate insiders.

Madrigal Pharmaceuticals Price Performance

MDGL opened at $437.10 on Wednesday. The company has a 50-day moving average of $418.77 and a 200-day moving average of $342.13. The company has a market capitalization of $9.70 billion, a P/E ratio of -34.02 and a beta of -1.02. Madrigal Pharmaceuticals, Inc. has a 1-year low of $200.63 and a 1-year high of $463.63. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share for the quarter, topping the consensus estimate of ($3.48) by $1.58. The company had revenue of $212.80 million during the quarter, compared to the consensus estimate of $158.94 million. Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. The company's revenue was up 1357.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($7.10) EPS. Equities analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

About Madrigal Pharmaceuticals

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.

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