Candriam S.C.A. Buys Shares of 21,372 Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Candriam S.C.A. has acquired a new stake in Madrigal Pharmaceuticals, purchasing 21,372 shares valued at approximately $7.08 million, representing around 0.10% of the company.
• Multiple institutional investors, including Woodline Partners LP and Lord Abbett & CO. LLC, have significantly increased their holdings in Madrigal Pharmaceuticals, indicating strong institutional interest in the company.
• Madrigal's recent earnings report showed a significant revenue increase of 1357.5% year-over-year, with reported earnings per share of ($1.90), exceeding analysts' expectations.

Candriam S.C.A. bought a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 21,372 shares of the biopharmaceutical company's stock, valued at approximately $7,079,000. Candriam S.C.A. owned 0.10% of Madrigal Pharmaceuticals at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Mutual of America Capital Management LLC increased its holdings in shares of Madrigal Pharmaceuticals by 0.3% in the 1st quarter. Mutual of America Capital Management LLC now owns 11,263 shares of the biopharmaceutical company's stock valued at $3,731,000 after acquiring an additional 31 shares during the period. First Horizon Advisors Inc. increased its stake in Madrigal Pharmaceuticals by 38.9% in the 1st quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company's stock valued at $52,000 after buying an additional 44 shares during the period. GAMMA Investing LLC increased its stake in Madrigal Pharmaceuticals by 131.4% in the 1st quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock valued at $39,000 after buying an additional 67 shares during the period. Verity Asset Management Inc. increased its stake in Madrigal Pharmaceuticals by 4.7% in the 1st quarter. Verity Asset Management Inc. now owns 1,560 shares of the biopharmaceutical company's stock valued at $517,000 after buying an additional 70 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its stake in Madrigal Pharmaceuticals by 6.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 1,203 shares of the biopharmaceutical company's stock valued at $398,000 after buying an additional 71 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, Director Bros. Advisors Lp Baker acquired 59,901 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The shares were acquired at an average cost of $385.16 per share, for a total transaction of $23,071,469.16. Following the transaction, the director directly owned 1,947,968 shares of the company's stock, valued at approximately $750,279,354.88. This represents a 3.17% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William John Sibold sold 7,616 shares of the business's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $400.18, for a total transaction of $3,047,770.88. Following the completion of the sale, the chief executive officer owned 109,753 shares in the company, valued at $43,920,955.54. This represents a 6.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 165,683 shares of company stock worth $61,921,142 and sold 301,740 shares worth $109,461,331. 21.50% of the stock is currently owned by corporate insiders.

Madrigal Pharmaceuticals Price Performance

Shares of Madrigal Pharmaceuticals stock traded down $2.45 on Monday, hitting $412.23. The company's stock had a trading volume of 248,826 shares, compared to its average volume of 381,895. Madrigal Pharmaceuticals, Inc. has a 52-week low of $200.63 and a 52-week high of $423.20. The company has a quick ratio of 4.78, a current ratio of 5.11 and a debt-to-equity ratio of 0.17. The firm has a fifty day moving average price of $321.05 and a 200-day moving average price of $316.49. The company has a market capitalization of $9.15 billion, a P/E ratio of -32.08 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) EPS for the quarter, topping 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 business had revenue of $212.80 million for the quarter, compared to analyst estimates of $158.94 million. During the same period in the previous year, the firm earned ($7.10) EPS. The business's revenue for the quarter was up 1357.5% compared to the same quarter last year. On average, equities research analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MDGL. B. Riley reissued a "buy" rating and issued a $460.00 price objective (up from $422.00) on shares of Madrigal Pharmaceuticals in a research note on Friday, May 2nd. Wall Street Zen raised shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Monday, May 5th. JMP Securities boosted their price objective on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the company a "market outperform" rating in a research note on Wednesday, August 20th. UBS Group reissued a "buy" rating and issued a $523.00 price objective (up from $458.00) on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 12th. Finally, Canaccord Genuity Group boosted their price objective on shares of Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Madrigal Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $445.71.

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.