Chicago Partners Investment Group LLC Buys New Shares in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Key Points

• Chicago Partners Investment Group LLC has acquired a new stake in Madrigal Pharmaceuticals, purchasing 835 shares valued at approximately $277,000.
• Several institutional investors have increased their stakes in Madrigal, with Woodline Partners LP making the largest increase of 110.2% during the fourth quarter.
• Wall Street analysts are optimistic about Madrigal's future, with multiple firms issuing buy ratings and setting target prices ranging from $428.00 to $460.00.

Chicago Partners Investment Group LLC purchased a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 835 shares of the biopharmaceutical company's stock, valued at approximately $277,000.

Other institutional investors have also recently added to or reduced their stakes in the company. LPL Financial LLC increased its stake in Madrigal Pharmaceuticals by 10.1% during the fourth quarter. LPL Financial LLC now owns 5,220 shares of the biopharmaceutical company's stock valued at $1,611,000 after purchasing an additional 480 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Madrigal Pharmaceuticals by 340.1% during the fourth quarter. Franklin Resources Inc. now owns 6,087 shares of the biopharmaceutical company's stock valued at $1,878,000 after acquiring an additional 4,704 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Madrigal Pharmaceuticals by 19.1% during the fourth quarter. Wells Fargo & Company MN now owns 34,923 shares of the biopharmaceutical company's stock valued at $10,776,000 after acquiring an additional 5,604 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Madrigal Pharmaceuticals by 2.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 15,001 shares of the biopharmaceutical company's stock valued at $4,629,000 after acquiring an additional 334 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Madrigal Pharmaceuticals by 120.2% during the fourth quarter. Russell Investments Group Ltd. now owns 1,482 shares of the biopharmaceutical company's stock valued at $457,000 after acquiring an additional 809 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Wall Street Zen raised shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday, May 5th. Canaccord Genuity Group lifted 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. UBS Group restated a "buy" rating and set a $523.00 price objective (up from $458.00) on shares of Madrigal Pharmaceuticals in a research note on Tuesday. JMP Securities reaffirmed a "market outperform" rating and set a $443.00 target price on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. Finally, B. Riley reaffirmed a "buy" rating and set a $460.00 target price (up from $422.00) on shares of Madrigal Pharmaceuticals in a report on Friday, May 2nd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $439.71.

Insider Buying and Selling

In related news, Director Rebecca Taub sold 43,263 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $355.69, for a total transaction of $15,388,216.47. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Paul A. Friedman sold 129,172 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $370.24, for a total transaction of $47,824,641.28. Following the sale, the director owned 187,164 shares in the company, valued at approximately $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 ninety days, insiders sold 282,820 shares of company stock worth $102,281,936. Insiders own 21.50% of the company's stock.

Madrigal Pharmaceuticals Price Performance

Shares of Madrigal Pharmaceuticals stock traded down $2.09 during midday trading on Thursday, reaching $371.37. The company had a trading volume of 322,224 shares, compared to its average volume of 378,200. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $8.24 billion, a price-to-earnings ratio of -28.90 and a beta of -1.02. The stock has a fifty day simple moving average of $306.57 and a 200 day simple moving average of $313.72. Madrigal Pharmaceuticals, Inc. has a 1-year low of $200.63 and a 1-year high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $158.94 million. During the same period last year, the firm earned ($7.10) earnings per share. The business's revenue for the quarter was up 1357.5% on a year-over-year basis. As a group, equities research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current 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.