Madrigal Pharmaceuticals, Inc. $MDGL Shares Sold by Deutsche Bank AG

Key Points

• Deutsche Bank AG reduced its holdings in Madrigal Pharmaceuticals by 40.6% during Q1, now owning 25,940 shares worth approximately $8.59 million.
• Wall Street analysts have positive outlooks for Madrigal, with target price increases from several firms, including a notable buy rating with a target of $523.00 from UBS Group.
• Insider transactions show significant sales, with Director Paul A. Friedman selling 129,172 shares for $47.8 million, resulting in a 40.83% decrease in his ownership stake.

Deutsche Bank AG lowered its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 40.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 25,940 shares of the biopharmaceutical company's stock after selling 17,718 shares during the period. Deutsche Bank AG owned about 0.12% of Madrigal Pharmaceuticals worth $8,592,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Mutual of America Capital Management LLC boosted its holdings in shares of Madrigal Pharmaceuticals by 0.3% during the 1st quarter. Mutual of America Capital Management LLC now owns 11,263 shares of the biopharmaceutical company's stock worth $3,731,000 after purchasing an additional 31 shares during the last quarter. First Horizon Advisors Inc. increased its position in shares of Madrigal Pharmaceuticals by 38.9% during the first quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company's stock worth $52,000 after acquiring an additional 44 shares during the period. GAMMA Investing LLC increased its position in shares of Madrigal Pharmaceuticals by 131.4% during the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock worth $39,000 after acquiring an additional 67 shares during the period. Verity Asset Management Inc. increased its position in shares of Madrigal Pharmaceuticals by 4.7% during the first quarter. Verity Asset Management Inc. now owns 1,560 shares of the biopharmaceutical company's stock worth $517,000 after acquiring an additional 70 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its position in shares of Madrigal Pharmaceuticals by 6.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 1,203 shares of the biopharmaceutical company's stock worth $398,000 after acquiring an additional 71 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Madrigal Pharmaceuticals news, Director Rebecca Taub sold 43,263 shares of Madrigal Pharmaceuticals stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $355.69, for a total value of $15,388,216.47. Following the transaction, the director owned 461,044 shares in the company, valued at $163,988,740.36. This trade represents a 8.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kenneth Bate sold 10,000 shares of Madrigal Pharmaceuticals stock in a transaction on Friday, August 15th. The shares were sold at an average price of $365.20, for a total transaction of $3,652,000.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 294,124 shares of company stock valued at $106,413,560 over the last quarter. Insiders own 21.50% of the company's stock.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL traded down $13.40 during mid-day trading on Tuesday, hitting $378.03. 316,407 shares of the company's stock were exchanged, compared to its average volume of 379,723. 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 firm has a market capitalization of $8.39 billion, a P/E ratio of -29.42 and a beta of -1.02. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $200.63 and a fifty-two week high of $393.76. The business's 50 day moving average is $312.58 and its two-hundred day moving average is $314.57.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last posted 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 during the quarter, compared to the consensus estimate of $158.94 million. During the same period last year, the firm earned ($7.10) EPS. The company's revenue for the quarter was up 1357.5% on a year-over-year basis. On average, equities analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on MDGL. Wall Street Zen raised Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday, May 5th. Canaccord Genuity Group increased their target price on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. JMP Securities reissued a "market outperform" rating and issued a $443.00 target price on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. UBS Group reissued a "buy" rating and issued a $523.00 target price (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. Finally, B. Riley reissued a "buy" rating and issued a $460.00 target price (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a report on Friday, May 2nd. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $439.71.

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.