EP Wealth Advisors LLC Takes Position in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• EP Wealth Advisors LLC acquired a new position in Madrigal Pharmaceuticals during the first quarter with an investment valued at approximately $200,000.
• Madrigal Pharmaceuticals reported a significant increase in quarterly revenue of 1357.5% year-over-year, totaling $212.80 million, surpassing analyst expectations.
• The stock has seen increased institutional interest with 98.50% of its shares now owned by institutional investors and hedge funds.

EP Wealth Advisors LLC acquired a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 604 shares of the biopharmaceutical company's stock, valued at approximately $200,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Mutual of America Capital Management LLC increased its holdings in Madrigal Pharmaceuticals by 0.3% in the first 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 in the last quarter. First Horizon Advisors Inc. boosted its position in Madrigal Pharmaceuticals by 38.9% in the first quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company's stock worth $52,000 after purchasing an additional 44 shares during the last quarter. GAMMA Investing LLC boosted its position in Madrigal Pharmaceuticals by 131.4% in the first 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 last quarter. Verity Asset Management Inc. boosted its position in Madrigal Pharmaceuticals by 4.7% in the first quarter. Verity Asset Management Inc. now owns 1,560 shares of the biopharmaceutical company's stock worth $517,000 after purchasing an additional 70 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its position in shares of Madrigal Pharmaceuticals by 6.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 1,203 shares of the biopharmaceutical company's stock valued at $398,000 after buying an additional 71 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Stock Down 4.1%

Madrigal Pharmaceuticals stock opened at $430.11 on Thursday. 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 12 month low of $200.63 and a 12 month high of $457.16. The firm has a market cap of $9.55 billion, a price-to-earnings ratio of -33.47 and a beta of -1.02. The stock has a fifty day simple moving average of $358.62 and a two-hundred day simple moving average of $325.26.

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

Wall Street Analyst Weigh In

MDGL has been the topic of a number of recent research reports. JMP Securities upped their price target on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the company a "market outperform" rating in a research report on Wednesday, August 20th. TD Cowen raised their price target on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. UBS Group reiterated a "buy" rating and set a $523.00 price objective (up from $458.00) on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 12th. HC Wainwright assumed coverage on Madrigal Pharmaceuticals in a report on Thursday, September 4th. They set a "buy" rating and a $500.00 target price for the company. Finally, Cowen reiterated a "buy" rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 26th. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $471.13.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, General Counsel Shannon T. Kelley sold 1,304 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $367.81, for a total transaction of $479,624.24. Following the completion of the sale, the general counsel owned 9,173 shares of the company's stock, valued at approximately $3,373,921.13. The trade was a 12.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William John Sibold sold 7,279 shares of the business's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $445.63, for a total value of $3,243,740.77. Following the sale, the chief executive officer directly owned 102,474 shares of the company's stock, valued at $45,665,488.62. This represents a 6.63% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 165,683 shares of company stock valued at $61,921,142 and have sold 309,019 shares valued at $112,705,072. Company insiders own 21.50% of the company's stock.

Madrigal Pharmaceuticals Company 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.

Want to see what other hedge funds are holding MDGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.