Castleark Management LLC Buys New Stake in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Castleark Management bought a new 5,076-share stake in Madrigal Pharmaceuticals worth approximately $2.7 million. Institutional investors collectively own 98.5% of MDGL.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating from 18 analysts and an average price target of $699.64, although ratings range from Sell to Outperform.
• MDGL was trading at $538.88, up 5.2%, after the company reported quarterly revenue of $364.25 million and an adjusted loss of $1.99 per share, beating analyst expectations.

Castleark Management LLC purchased a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,076 shares of the biopharmaceutical company's stock, valued at approximately $2,726,000.

A number of other hedge funds also recently bought and sold shares of the business. Centaurus Financial Inc. lifted its stake in shares of Madrigal Pharmaceuticals by 5.0% in the 3rd quarter. Centaurus Financial Inc. now owns 709 shares of the biopharmaceutical company's stock valued at $325,000 after purchasing an additional 34 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Madrigal Pharmaceuticals by 34.6% during the 4th quarter. Farther Finance Advisors LLC now owns 140 shares of the biopharmaceutical company's stock valued at $82,000 after purchasing an additional 36 shares during the last quarter. Accent Capital Management LLC raised its holdings in Madrigal Pharmaceuticals by 64.9% during the 4th quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company's stock valued at $55,000 after buying an additional 37 shares during the period. Swiss Life Asset Management Ltd raised its holdings in Madrigal Pharmaceuticals by 6.8% during the 4th quarter. Swiss Life Asset Management Ltd now owns 690 shares of the biopharmaceutical company's stock valued at $402,000 after buying an additional 44 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Madrigal Pharmaceuticals by 35.4% in the second quarter. GAMMA Investing LLC now owns 172 shares of the biopharmaceutical company's stock valued at $92,000 after acquiring an additional 45 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MDGL. Barclays dropped 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 note on Monday, August 3rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. UBS Group reissued a "buy" rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 31st. Wolfe Research upgraded Madrigal Pharmaceuticals from a "peer perform" rating to an "outperform" rating and set a $605.00 target price for the company in a research report on Tuesday, August 4th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 31st. Fifteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $699.64.

Madrigal Pharmaceuticals Trading Up 5.2%

NASDAQ MDGL opened at $538.88 on Thursday. The company's 50-day moving average price is $525.64 and its 200-day moving average price is $502.07. 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 stock has a market cap of $12.45 billion, a PE ratio of -41.81 and a beta of -1.01. Madrigal Pharmaceuticals, Inc. has a 12 month low of $393.61 and a 12 month high of $615.00.

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

Insider Buying and Selling

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 value of $341,940.08. Following the transaction, the general counsel owned 11,474 shares of the company's stock, valued at $5,908,765.78. This represents a 5.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 on Monday, June 1st. The stock was sold at an average price of $495.74, for a total value of $516,561.08. Following the transaction, the insider owned 10,033 shares in the company, valued at $4,973,759.42. The trade was a 9.41% decrease in their ownership of the stock. 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. Company insiders own 17.60% of the company's stock.

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.

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