Earned Wealth Advisors LLC Buys Shares of 2,422 Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Key Points

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Earned Wealth Advisors LLC purchased a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,422 shares of the biopharmaceutical company's stock, valued at approximately $802,000.

A number of other hedge funds have also modified their holdings of MDGL. VSM Wealth Advisory LLC acquired a new position in Madrigal Pharmaceuticals during the 1st quarter worth about $25,000. Farther Finance Advisors LLC lifted its stake in Madrigal Pharmaceuticals by 825.0% during the 1st quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company's stock worth $36,000 after acquiring an additional 99 shares in the last quarter. GAMMA Investing LLC lifted its stake in 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 acquiring an additional 67 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in Madrigal Pharmaceuticals by 38.9% during the 1st quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company's stock worth $52,000 after acquiring an additional 44 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in Madrigal Pharmaceuticals by 42.7% during the 1st quarter. Parallel Advisors LLC now owns 284 shares of the biopharmaceutical company's stock worth $94,000 after acquiring an additional 85 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Rebecca Taub sold 26,444 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $353.47, for a total transaction of $9,347,160.68. Following the transaction, the director owned 461,044 shares in the company, valued at $162,965,222.68. This trade represents a 5.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Paul A. Friedman sold 26,176 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $353.47, for a total value of $9,252,430.72. Following the transaction, the director owned 187,164 shares in the company, valued at $66,156,859.08. This represents a 12.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,377 shares of company stock worth $21,316,969 in the last 90 days. 21.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MDGL shares. UBS Group increased their price target on Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. B. Riley reaffirmed a "buy" rating and issued a $460.00 price target (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a research report on Friday, May 2nd. JMP Securities reaffirmed a "market outperform" rating and issued a $443.00 price target on shares of Madrigal Pharmaceuticals in a research report on Thursday, April 24th. Canaccord Genuity Group increased their price target on Madrigal Pharmaceuticals from $394.00 to $420.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Finally, Wall Street Zen raised Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, May 5th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $420.63.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ MDGL opened at $302.17 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 5.58 and a current ratio of 5.91. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $200.63 and a fifty-two week high of $377.46. The firm has a market capitalization of $6.71 billion, a PE ratio of -16.74 and a beta of -1.02. The stock's 50-day simple moving average is $295.25 and its 200-day simple moving average is $311.74.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last issued its earnings results on Thursday, May 1st. The biopharmaceutical company reported ($3.32) earnings per share for the quarter, topping the consensus estimate of ($3.62) by $0.30. The business had revenue of $137.25 million for the quarter, compared to analyst estimates of $112.79 million. Madrigal Pharmaceuticals had a negative return on equity of 50.54% and a negative net margin of 123.38%. During the same quarter last year, the company earned ($7.38) EPS. As a group, equities research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal 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.

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