California State Teachers Retirement System Has $4.96 Billion Stock Position in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• California State Teachers Retirement System increased its Madrigal Pharmaceuticals stake by 54,067.5% in the second quarter, reaching 9.23 million shares worth approximately $4.96 billion, or 39.97% of the company.
• Institutional investors and hedge funds own 98.5% of MDGL, while insiders own 17.6%. General Counsel Shannon Kelley sold a small portion of shares to cover tax withholding obligations.
• Madrigal reported better-than-expected quarterly results, with revenue up 71.2% year over year. Analysts maintain a “Moderate Buy” consensus, with an average price target of $699.64 versus the reported share price of $546.66.

California State Teachers Retirement System grew its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 54,067.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,233,929 shares of the biopharmaceutical company's stock after buying an additional 9,216,882 shares during the quarter. California State Teachers Retirement System owned approximately 39.97% of Madrigal Pharmaceuticals worth $4,958,158,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Janus Henderson Group PLC lifted its stake in shares of Madrigal Pharmaceuticals by 27.4% in 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 last quarter. Jupiter Topco LLC bought a new stake in Madrigal Pharmaceuticals during the 2nd quarter worth $1,039,650,000. Paulson & CO. Inc. acquired a new position in Madrigal Pharmaceuticals in the 2nd quarter worth about $719,524,000. BlackRock Inc. bought a new position in Madrigal Pharmaceuticals in the second quarter valued at about $644,753,000. Finally, Wellington Management Group LLP boosted its stake in shares of Madrigal Pharmaceuticals by 18.8% during the second quarter. Wellington Management Group LLP now owns 825,714 shares of the biopharmaceutical company's stock valued at $443,367,000 after purchasing an additional 130,756 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, General Counsel Shannon Kelley sold 664 shares of the firm's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $514.97, for a total value of $341,940.08. Following the completion of the sale, the general counsel directly owned 11,474 shares in the company, valued at $5,908,765.78. This trade represents a 5.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 17.60% of the company's stock.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL opened at $546.66 on Thursday. The firm has a market cap of $12.63 billion, a PE ratio of -42.41 and a beta of -0.98. Madrigal Pharmaceuticals, Inc. has a 52-week low of $393.61 and a 52-week high of $615.00. The business's 50 day moving average price is $530.77 and its two-hundred day moving average price is $506.75. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.94 and a current ratio of 3.20.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($1.99) EPS for the quarter, topping the consensus estimate of ($2.68) by $0.69. The company had revenue of $364.25 million during the quarter, compared to the consensus estimate of $352.13 million. Madrigal Pharmaceuticals had a negative net margin of 25.32% and a negative return on equity of 56.65%. The company's quarterly revenue was up 71.2% on a year-over-year basis. During the same quarter last year, the firm posted ($1.90) EPS. On average, equities analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Wells Fargo & Company began coverage on shares of Madrigal Pharmaceuticals in a report on Monday, July 27th. They issued an "overweight" rating and a $685.00 price objective for the company. Barclays decreased their price target on shares of Madrigal Pharmaceuticals from $964.00 to $962.00 and set an "overweight" rating for the company in a research report on Monday, August 3rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 17th. HC Wainwright reaffirmed a "buy" rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 31st. Finally, UBS Group reiterated a "buy" rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 31st. Fifteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $699.64.

Madrigal Pharmaceuticals Company 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.

Want to see what other hedge funds are holding MDGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.