Cutter Capital Management LP Invests $7.95 Million in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Cutter Capital Management LP acquired 24,000 shares of Madrigal Pharmaceuticals, valued at approximately $7.95 million, marking it as the 14th largest position in their portfolio.
• Several institutional investors increased their stakes in Madrigal Pharmaceuticals, with Adage Capital Partners GP L.L.C. boosting its holdings by 860%.
• Madrigal Pharmaceuticals reported a quarterly revenue of $212.8 million, significantly exceeding analyst estimates, while the company continues to be rated as a "Moderate Buy" with a consensus target price of $459.25.

Cutter Capital Management LP purchased a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 24,000 shares of the biopharmaceutical company's stock, valued at approximately $7,950,000. Madrigal Pharmaceuticals comprises about 3.5% of Cutter Capital Management LP's investment portfolio, making the stock its 14th biggest holding. Cutter Capital Management LP owned approximately 0.11% of Madrigal Pharmaceuticals as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in MDGL. VSM Wealth Advisory LLC purchased a new stake in Madrigal Pharmaceuticals during the first quarter valued at approximately $25,000. Accent Capital Management LLC purchased a new position in shares of Madrigal Pharmaceuticals during the 1st quarter worth $25,000. Summit Securities Group LLC bought a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter valued at $33,000. Farther Finance Advisors LLC increased its stake in shares of Madrigal Pharmaceuticals by 825.0% in the 1st quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company's stock worth $36,000 after purchasing an additional 99 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Madrigal Pharmaceuticals by 131.4% in the 1st quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock worth $39,000 after purchasing an additional 67 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MDGL. UBS Group reissued a "buy" rating and set a $523.00 price target (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. 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 research note on Wednesday, August 6th. 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 report on Tuesday, August 26th. HC Wainwright started coverage on shares of Madrigal Pharmaceuticals in a report on Thursday, September 4th. They set a "buy" rating and a $500.00 price target on the stock. Finally, JMP Securities upped their price target on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a "market outperform" rating in a research report on Wednesday, August 20th. Nine equities 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, the company has an average rating of "Moderate Buy" and a consensus target price of $471.13.

Insider Activity

In other Madrigal Pharmaceuticals news, Director Bros. Advisors Lp Baker acquired 68,618 shares of the company's stock in a transaction on Monday, August 18th. The stock was acquired at an average cost of $364.04 per share, with a total value of $24,979,696.72. Following the purchase, the director directly owned 1,859,091 shares of the company's stock, valued at approximately $676,783,487.64. This represents a 3.83% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William John Sibold sold 7,616 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $400.18, for a total transaction of $3,047,770.88. Following the sale, the chief executive officer owned 109,753 shares in the company, valued at $43,920,955.54. This represents a 6.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 165,683 shares of company stock worth $61,921,142 and sold 301,740 shares worth $109,461,331. 21.50% of the stock is owned by insiders.

Madrigal Pharmaceuticals Price Performance

MDGL traded down $10.55 on Tuesday, hitting $443.25. 165,868 shares of the company's stock traded hands, compared to its average volume of 380,415. The company's 50 day simple moving average is $353.05 and its 200-day simple moving average is $323.66. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17. Madrigal Pharmaceuticals, Inc. has a one year low of $200.63 and a one year high of $457.16. The firm has a market cap of $9.84 billion, a price-to-earnings ratio of -34.48 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $212.80 million for the quarter, compared to the consensus estimate of $158.94 million. During the same period in the previous year, the firm posted ($7.10) EPS. Madrigal Pharmaceuticals's revenue for the quarter was up 1357.5% compared to the same quarter last year. As a group, research analysts anticipate 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.