Candriam S.C.A. Makes New Investment in 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 the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 21,372 shares of the biopharmaceutical company's stock, valued at approximately $7,079,000. Candriam S.C.A. owned about 0.10% of Madrigal Pharmaceuticals as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Woodline Partners LP lifted its holdings in shares of Madrigal Pharmaceuticals by 110.2% in the fourth quarter. Woodline Partners LP now owns 309,117 shares of the biopharmaceutical company's stock valued at $95,384,000 after purchasing an additional 162,027 shares in the last quarter. Bank of America Corp DE raised its position in Madrigal Pharmaceuticals by 1.4% during the 4th quarter. Bank of America Corp DE now owns 217,828 shares of the biopharmaceutical company's stock worth $67,215,000 after purchasing an additional 2,940 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its stake in shares of Madrigal Pharmaceuticals by 23.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 199,667 shares of the biopharmaceutical company's stock valued at $61,611,000 after buying an additional 37,715 shares during the period. American Century Companies Inc. boosted its stake in Madrigal Pharmaceuticals by 15.7% during the 1st quarter. American Century Companies Inc. now owns 158,306 shares of the biopharmaceutical company's stock valued at $52,436,000 after purchasing an additional 21,457 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Madrigal Pharmaceuticals by 5.5% during the 4th quarter. Northern Trust Corp now owns 155,883 shares of the biopharmaceutical company's stock valued at $48,101,000 after purchasing an additional 8,111 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Insider Transactions at Madrigal Pharmaceuticals

In related news, Director Rebecca Taub sold 43,263 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $355.69, for a total value of $15,388,216.47. Following the transaction, the director directly owned 461,044 shares in the company, valued at $163,988,740.36. This trade represents a 8.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul A. Friedman sold 129,172 shares of Madrigal Pharmaceuticals stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $370.24, for a total value of $47,824,641.28. Following the sale, the director owned 187,164 shares in the company, valued at $69,295,599.36. The trade was a 40.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 165,683 shares of company stock valued at $61,921,142 and sold 301,740 shares valued at $109,461,331. Company insiders own 21.50% of the company's stock.

Madrigal Pharmaceuticals Stock Up 0.7%

Shares of MDGL traded up $2.92 during midday trading on Wednesday, hitting $427.78. The company had a trading volume of 143,061 shares, compared to its average volume of 380,552. The company has a quick ratio of 4.78, a current ratio of 5.11 and a debt-to-equity ratio of 0.17. Madrigal Pharmaceuticals, Inc. has a 52 week low of $200.63 and a 52 week high of $437.06. The company's 50 day moving average price is $326.50 and its 200 day moving average price is $317.80. The stock has a market cap of $9.50 billion, a price-to-earnings ratio of -33.30 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) earnings per share for the quarter, beating 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 firm had revenue of $212.80 million for the quarter, compared to analyst estimates of $158.94 million. During the same quarter in the prior year, the business earned ($7.10) EPS. The company's revenue for the quarter was up 1357.5% compared to the same quarter last year. On average, equities research analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MDGL. Cowen reaffirmed a "buy" rating on shares of Madrigal Pharmaceuticals in a report on Tuesday. B. Riley restated a "buy" rating and issued a $460.00 target price (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a report on Friday, May 2nd. JMP Securities lifted their price target on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the company a "market outperform" rating in a report on Wednesday, August 20th. Canaccord Genuity Group lifted their price target on shares of Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, TD Cowen boosted their price objective on shares of Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the stock a "buy" rating in a research note on Tuesday. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Madrigal Pharmaceuticals presently has an average rating of "Moderate Buy" and an average target price of $459.25.

Madrigal Pharmaceuticals Company Profile

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.