Deutsche Bank AG Takes Position in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Deutsche Bank acquired 83,916 shares of Madrigal Pharmaceuticals in the second quarter, worth approximately $45.1 million and representing about 0.36% of the company. Institutional investors collectively own 98.5% of MDGL.
• Analyst sentiment is broadly positive, with 15 Buy ratings, two Holds and one Sell rating. The stock has a consensus rating of “Moderate Buy” and an average price target of $689.93.
• Madrigal reported better-than-expected quarterly results, including a loss of $1.99 per share versus the $2.68 estimate and revenue of $364.25 million. Revenue increased 71.2% year over year, although the company remains unprofitable.

Deutsche Bank AG acquired a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 83,916 shares of the biopharmaceutical company's stock, valued at approximately $45,059,000. Deutsche Bank AG owned about 0.36% of Madrigal Pharmaceuticals at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MDGL. Royal Bank of Canada boosted its position in Madrigal Pharmaceuticals by 22.5% during the first quarter. Royal Bank of Canada now owns 12,526 shares of the biopharmaceutical company's stock worth $6,557,000 after purchasing an additional 2,303 shares during the period. Jefferies Financial Group Inc. bought a new stake in Madrigal Pharmaceuticals during the fourth quarter valued at about $1,339,000. Penn Capital Management Company LLC bought a new position in Madrigal Pharmaceuticals in the 4th quarter worth approximately $1,719,000. State of Wyoming acquired a new stake in shares of Madrigal Pharmaceuticals in the second quarter worth $1,294,000. Finally, Alkeon Capital Management LLC increased its position in Madrigal Pharmaceuticals by 100.0% during the fourth quarter. Alkeon Capital Management LLC now owns 240,000 shares of the biopharmaceutical company's stock worth $139,762,000 after acquiring an additional 120,000 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MDGL. Wolfe Research upgraded Madrigal Pharmaceuticals from a "peer perform" rating to an "outperform" rating and set a $605.00 target price for the company in a research note on Tuesday, August 4th. Evercore set a $649.00 price target on shares of Madrigal Pharmaceuticals in a report on Thursday, May 7th. Truist Financial upped their target price on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a "buy" rating in a research report on Wednesday, May 13th. Barclays decreased their price target on shares of Madrigal Pharmaceuticals from $964.00 to $962.00 and set an "overweight" rating on the stock in a research note on Monday, August 3rd. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. Fifteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $689.93.

Insider Transactions at Madrigal Pharmaceuticals

In related news, General Counsel Shannon T. Kelley sold 664 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $514.97, for a total value of $341,940.08. Following the transaction, the general counsel directly owned 11,474 shares of the company's stock, valued at $5,908,765.78. The trade was a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David Soergel sold 1,042 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $495.74, for a total transaction of $516,561.08. Following the completion of the transaction, the insider owned 10,033 shares in the company, valued at $4,973,759.42. This trade represents a 9.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 17.60% of the company's stock.

Madrigal Pharmaceuticals Trading Down 0.5%

Shares of NASDAQ:MDGL opened at $516.74 on Friday. The company's fifty day simple moving average is $524.40 and its 200 day simple moving average is $501.02. The firm has a market cap of $11.94 billion, a price-to-earnings ratio of -40.09 and a beta of -1.01. The company has a quick ratio of 2.94, a current ratio of 3.20 and a debt-to-equity ratio of 0.65. Madrigal Pharmaceuticals, Inc. has a 12 month low of $393.61 and a 12 month high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($1.99) EPS for the quarter, beating the consensus estimate of ($2.68) by $0.69. The company had revenue of $364.25 million during the quarter, compared to the consensus estimate of $352.13 million. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.The firm's revenue for the quarter was up 71.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.90) EPS. As a group, research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current fiscal year.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company's pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-β agonist in Phase 3 development for the treatment of NASH.

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