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 cut its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 79.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rhumbline Advisers lifted its holdings in Madrigal Pharmaceuticals by 7.9% during the first quarter. Rhumbline Advisers now owns 26,364 shares of the biopharmaceutical company's stock valued at $8,733,000 after purchasing an additional 1,924 shares in the last quarter. GAMMA Investing LLC lifted its stake 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 valued at $39,000 after buying an additional 67 shares in the last quarter. XTX Topco Ltd bought a new position in Madrigal Pharmaceuticals in the 1st quarter worth $392,000. Park Avenue Securities LLC bought a new position in Madrigal Pharmaceuticals in the 1st quarter worth $217,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Madrigal Pharmaceuticals by 0.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 151,251 shares of the biopharmaceutical company's stock worth $50,099,000 after buying an additional 505 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. HC Wainwright began coverage on Madrigal Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $500.00 target price for the company. UBS Group reaffirmed a "buy" rating and set a $523.00 price objective (up from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. JMP Securities lifted 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 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 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. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Madrigal Pharmaceuticals currently has an average rating of "Moderate Buy" and an average target price of $471.13.

Insiders Place Their Bets

In other news, Director Kenneth Bate sold 10,000 shares of the firm's 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 completion of the sale, the director owned 2,627 shares in the company, valued at approximately $959,380.40. This trade represents a 79.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William John Sibold sold 7,279 shares of the company's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $445.63, for a total transaction of $3,243,740.77. Following the transaction, the chief executive officer owned 102,474 shares in the company, valued at $45,665,488.62. The trade was a 6.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, 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. Insiders own 21.50% of the company's stock.

Madrigal Pharmaceuticals Trading Up 2.2%

MDGL traded up $9.34 on Thursday, hitting $439.45. The company had a trading volume of 224,027 shares, compared to its average volume of 378,953. The business's fifty day simple moving average is $361.44 and its 200 day simple moving average is $326.07. 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 12-month low of $200.63 and a 12-month high of $457.16. The company has a market cap of $9.76 billion, a PE ratio of -34.20 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.48) by $1.58. The business had revenue of $212.80 million during the quarter, compared to analyst estimates of $158.94 million. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%.The company's revenue for the quarter was up 1357.5% on a year-over-year basis. During the same period last year, the company earned ($7.10) EPS. Equities research analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Madrigal Pharmaceuticals 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.