Cinctive Capital Management LP Sells 4,315 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Cinctive Capital Management LP has reduced its stake in Madrigal Pharmaceuticals by 79.8%, now owning only 1,091 shares after selling 4,315 shares in Q1.
• Insider transactions reveal that CEO William John Sibold sold 7,616 shares at an average price of $400.18, while Director Rebecca Taub sold 43,263 shares at an average price of $355.69.
• Analyst reports have increased price targets for Madrigal Pharmaceuticals, with TD Cowen raising its price objective from $390 to $554, citing a consensus "Moderate Buy" rating.

Cinctive Capital Management LP reduced its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 79.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,091 shares of the biopharmaceutical company's stock after selling 4,315 shares during the quarter. Cinctive Capital Management LP's holdings in Madrigal Pharmaceuticals were worth $361,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mutual of America Capital Management LLC lifted its stake 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 purchasing an additional 31 shares during the period. First Horizon Advisors Inc. lifted its stake in Madrigal Pharmaceuticals by 38.9% in the first 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 boosted its holdings in shares of Madrigal Pharmaceuticals by 131.4% during the 1st quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock worth $39,000 after buying an additional 67 shares in the last quarter. Verity Asset Management Inc. grew its position in shares of Madrigal Pharmaceuticals by 4.7% during the 1st quarter. Verity Asset Management Inc. now owns 1,560 shares of the biopharmaceutical company's stock worth $517,000 after buying an additional 70 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of 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 acquiring an additional 71 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on MDGL. TD Cowen increased their target price on shares of Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. HC Wainwright assumed coverage on shares of Madrigal Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $500.00 price objective on the stock. JMP Securities boosted their target price on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the company a "market outperform" rating in a research report on Wednesday, August 20th. Cowen reiterated a "buy" rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 26th. Finally, Canaccord Genuity Group boosted their price objective on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Madrigal Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $471.13.

Insider Buying and Selling

In related news, Director Bros. Advisors Lp Baker bought 59,901 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was bought at an average cost of $385.16 per share, for a total transaction of $23,071,469.16. Following the completion of the transaction, the director owned 1,947,968 shares of the company's stock, valued at approximately $750,279,354.88. The trade was a 3.17% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kenneth Bate sold 10,000 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $365.20, for a total value of $3,652,000.00. Following the transaction, the director owned 2,627 shares in the company, valued at $959,380.40. This trade represents a 79.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 165,683 shares of company stock valued at $61,921,142 and have sold 309,019 shares valued at $112,705,072. 21.50% of the stock is currently owned by corporate insiders.

Madrigal Pharmaceuticals Stock Performance

Shares of Madrigal Pharmaceuticals stock traded down $17.75 on Wednesday, reaching $430.98. 191,412 shares of the company traded hands, compared to its average volume of 380,069. The company has a 50 day moving average of $356.02 and a 200 day moving average of $324.53. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.11 and a quick ratio of 4.78. Madrigal Pharmaceuticals, Inc. has a 52 week low of $200.63 and a 52 week high of $457.16. The firm has a market capitalization of $9.57 billion, a PE ratio of -33.54 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, beating the consensus estimate of ($3.48) by $1.58. The business had revenue of $212.80 million for the quarter, compared to the consensus estimate of $158.94 million. Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. The company's revenue was up 1357.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($7.10) earnings per share. Equities 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.