Federated Hermes Inc. Makes New $19.22 Million 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 shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 58,025 shares of the biopharmaceutical company's stock, valued at approximately $19,220,000. Federated Hermes Inc. owned approximately 0.26% of Madrigal Pharmaceuticals at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MDGL. VSM Wealth Advisory LLC purchased a new position in shares of Madrigal Pharmaceuticals during the 1st quarter worth approximately $25,000. Farther Finance Advisors LLC grew its holdings in shares of Madrigal Pharmaceuticals by 825.0% in 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 period. GAMMA Investing LLC grew its holdings in shares of Madrigal Pharmaceuticals by 131.4% in 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 during the period. First Horizon Advisors Inc. grew its holdings in shares of Madrigal Pharmaceuticals by 38.9% in 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 during the period. Finally, Parallel Advisors LLC grew its holdings in shares of Madrigal Pharmaceuticals by 42.7% in 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 during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Buying and Selling at Madrigal Pharmaceuticals

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

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ MDGL traded up $30.80 during trading on Tuesday, hitting $342.91. The company had a trading volume of 879,416 shares, compared to its average volume of 373,897. The company has a market cap of $7.61 billion, a P/E ratio of -18.96 and a beta of -1.02. Madrigal Pharmaceuticals, Inc. has a 52 week low of $200.63 and a 52 week high of $377.46. The business's 50-day moving average is $295.25 and its 200 day moving average is $312.01. 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 (NASDAQ:MDGL - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share for the quarter, topping the consensus estimate of ($3.64) by $1.74. Madrigal Pharmaceuticals had a negative net margin of 123.38% and a negative return on equity of 50.54%. During the same quarter in the previous year, the business posted ($7.10) EPS. The business's quarterly revenue was up 1357.5% on a year-over-year basis. Equities research analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

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.