Geode Capital Management LLC Has $263.11 Million Position in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Geode Capital Management increased its Madrigal Pharmaceuticals stake by 1.2% in the fourth quarter, ending with 451,743 shares valued at about $263.1 million.
• Insider selling continued, with CEO William John Sibold and Director Rebecca Taub both selling shares on March 6; insiders sold 12,483 shares worth roughly $6.0 million over the last three months.
• Analysts remain broadly positive on MDGL, with a Moderate Buy consensus and an average target price of $687, even as the stock traded down 5.9% to $452.86 and the company posted a smaller-than-expected quarterly loss with revenue up 126.8% year over year.

Geode Capital Management LLC boosted its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 1.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 451,743 shares of the biopharmaceutical company's stock after acquiring an additional 5,510 shares during the quarter. Geode Capital Management LLC owned 1.99% of Madrigal Pharmaceuticals worth $263,114,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of MDGL. Penn Capital Management Company LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter valued at $1,719,000. Cary Street Partners Financial LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter valued at $366,000. Accent Capital Management LLC increased its stake in shares of Madrigal Pharmaceuticals by 64.9% in the fourth quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company's stock valued at $55,000 after buying an additional 37 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter valued at $1,339,000. Finally, IFP Advisors Inc increased its stake in shares of Madrigal Pharmaceuticals by 24.3% in the fourth quarter. IFP Advisors Inc now owns 461 shares of the biopharmaceutical company's stock valued at $268,000 after buying an additional 90 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO William John Sibold sold 1,663 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $431.94, for a total value of $718,316.22. Following the transaction, the chief executive officer directly owned 161,829 shares in the company, valued at $69,900,418.26. This represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rebecca Taub sold 491 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $431.94, for a total transaction of $212,082.54. Following the completion of the transaction, the director owned 452,213 shares in the company, valued at $195,328,883.22. This represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,483 shares of company stock valued at $6,001,575 over the last three months. 17.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Citigroup restated a "market outperform" rating on shares of Madrigal Pharmaceuticals in a research note on Monday. Zacks Research upgraded Madrigal Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research note on Friday, February 20th. Truist Financial raised their target price on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a "buy" rating in a research note on Wednesday, May 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, April 21st. Finally, Canaccord Genuity Group lowered their target price on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell 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 $687.00.

Madrigal Pharmaceuticals Stock Down 5.9%

Shares of NASDAQ MDGL opened at $452.86 on Wednesday. The firm has a market capitalization of $10.44 billion, a PE ratio of -35.38 and a beta of -1.07. The company has a current ratio of 3.50, a quick ratio of 3.16 and a debt-to-equity ratio of 0.63. Madrigal Pharmaceuticals, Inc. has a 1 year low of $268.69 and a 1 year high of $615.00. The firm's 50-day moving average is $514.40 and its 200-day moving average is $515.10.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, beating the consensus estimate of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The business had revenue of $311.34 million for the quarter, compared to analyst estimates of $301.05 million. During the same period in the prior year, the business posted ($3.32) earnings per share. Madrigal Pharmaceuticals's revenue was up 126.8% compared to the same quarter last year. Equities analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.23 EPS for the current 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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