Intech Investment Management LLC Purchases 1,696 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Intech Investment Management LLC increased its stake in Madrigal Pharmaceuticals by 21.0%, acquiring an additional 1,696 shares, raising their total holdings to 9,784 shares valued at approximately $3.24 million.
• Madrigal Pharmaceuticals reported earnings per share of ($1.90) for the last quarter, exceeding analysts' expectations, with revenue significantly up by 1357.5% year-over-year at $212.8 million.
• Several research firms have raised their price targets for Madrigal Pharmaceuticals, with TD Cowen setting a new price target of $554.00, highlighting a strong buy consensus among analysts.

Intech Investment Management LLC grew its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 21.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,784 shares of the biopharmaceutical company's stock after purchasing an additional 1,696 shares during the period. Intech Investment Management LLC's holdings in Madrigal Pharmaceuticals were worth $3,241,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of MDGL. Adage Capital Partners GP L.L.C. boosted its stake in shares of Madrigal Pharmaceuticals by 860.0% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 191,609 shares of the biopharmaceutical company's stock valued at $63,467,000 after purchasing an additional 171,649 shares in the last quarter. Woodline Partners LP boosted its stake in shares of Madrigal Pharmaceuticals by 110.2% during the 4th quarter. Woodline Partners LP now owns 309,117 shares of the biopharmaceutical company's stock valued at $95,384,000 after purchasing an additional 162,027 shares in the last quarter. MPM Bioimpact LLC purchased a new position in Madrigal Pharmaceuticals during the 1st quarter valued at about $33,260,000. Lord Abbett & CO. LLC lifted its position in Madrigal Pharmaceuticals by 141.3% during the 1st quarter. Lord Abbett & CO. LLC now owns 118,024 shares of the biopharmaceutical company's stock valued at $39,093,000 after acquiring an additional 69,107 shares during the period. Finally, Vestal Point Capital LP lifted its position in Madrigal Pharmaceuticals by 216.7% during the 4th quarter. Vestal Point Capital LP now owns 95,000 shares of the biopharmaceutical company's stock valued at $29,314,000 after acquiring an additional 65,000 shares during the period. Institutional investors own 98.50% of the company's stock.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL stock traded up $23.32 during trading hours on Thursday, reaching $440.75. The company had a trading volume of 475,049 shares, compared to its average volume of 326,654. The business has a fifty day moving average price of $374.33 and a 200-day moving average price of $329.43. Madrigal Pharmaceuticals, Inc. has a one year low of $200.63 and a one year high of $457.16. The firm has a market cap of $9.78 billion, a PE ratio of -34.30 and a beta of -1.02. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11.

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

Wall Street Analysts Forecast Growth

MDGL has been the subject of a number of recent research reports. Cowen reissued a "buy" rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 26th. HC Wainwright initiated coverage on shares of Madrigal Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $500.00 price target for the company. Canaccord Genuity Group lifted their price target on shares of Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the company a "buy" rating in a research report on Friday, September 12th. TD Cowen lifted their price target on shares of Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Finally, JMP Securities lifted their price target on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the company a "market outperform" rating in a research report on Wednesday, August 20th. Nine investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $483.38.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Paul A. Friedman sold 129,172 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $370.24, for a total transaction of $47,824,641.28. Following the completion of the sale, the director directly owned 187,164 shares in the company, valued at approximately $69,295,599.36. The trade was a 40.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Shannon T. Kelley sold 1,304 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $367.81, for a total transaction of $479,624.24. Following the sale, the general counsel owned 9,173 shares of the company's stock, valued at $3,373,921.13. This trade represents a 12.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders purchased 165,683 shares of company stock valued at $61,921,142 and sold 309,019 shares valued at $112,705,072. 21.50% of the stock is owned by corporate insiders.

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.