Federated Hermes Inc. Makes New Investment in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Key Points

• Federated Hermes Inc. acquired a new stake in Madrigal Pharmaceuticals, purchasing 58,025 shares valued at approximately $19.2 million, representing about 0.26% of the company.
• Multiple hedge funds increased their positions in Madrigal Pharmaceuticals, with LPL Financial LLC boosting holdings by 490.5% in the first quarter.
• Insider trading activity included the sale of 60,377 shares by insiders over the last three months, despite 21.50% of the stock still being owned by them.

Federated Hermes Inc. bought a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 58,025 shares of the biopharmaceutical company's stock, valued at approximately $19,220,000. Federated Hermes Inc. owned 0.26% of Madrigal Pharmaceuticals as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. VSM Wealth Advisory LLC bought a new position in shares of Madrigal Pharmaceuticals in the first quarter worth about $25,000. Farther Finance Advisors LLC grew its position 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 during the last quarter. GAMMA Investing LLC lifted its holdings 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 buying an additional 67 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings 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 buying an additional 44 shares in the last quarter. Finally, Parallel Advisors LLC lifted its holdings 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 buying an additional 85 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on MDGL. JMP Securities reaffirmed a "market outperform" rating and set a $443.00 price objective on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. Canaccord Genuity Group upped their price objective on Madrigal Pharmaceuticals from $394.00 to $420.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Wall Street Zen raised Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Monday, May 5th. B. Riley reissued a "buy" rating and issued a $460.00 price target (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a research note on Friday, May 2nd. Finally, 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 note on Friday, May 2nd. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $420.63.

Madrigal Pharmaceuticals Trading Down 0.1%

Shares of MDGL traded down $0.34 during trading hours on Friday, reaching $302.17. The stock had a trading volume of 236,785 shares, compared to its average volume of 359,418. The company has a quick ratio of 5.58, a current ratio of 5.91 and a debt-to-equity ratio of 0.17. Madrigal Pharmaceuticals, Inc. has a 52 week low of $200.63 and a 52 week high of $377.46. The firm has a 50-day moving average of $295.25 and a 200 day moving average of $311.48. The company has a market cap of $6.71 billion, a P/E ratio of -16.74 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its earnings results on Thursday, May 1st. The biopharmaceutical company reported ($3.32) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.62) by $0.30. The firm had revenue of $137.25 million during the quarter, compared to analysts' expectations 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 in the prior year, the company earned ($7.38) EPS. On average, sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Insider Transactions at Madrigal Pharmaceuticals

In other news, Director Rebecca Taub sold 26,444 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $353.47, for a total value of $9,347,160.68. Following the completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul A. Friedman sold 26,176 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $353.47, for a total value of $9,252,430.72. Following the completion of the transaction, the director owned 187,164 shares of the company's stock, valued at $66,156,859.08. The trade was a 12.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,377 shares of company stock valued at $21,316,969. Corporate insiders own 21.50% of the company's stock.

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.