Invesco Ltd. Increases Stock Position in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Invesco Ltd. increased its stake in Madrigal Pharmaceuticals by 3.0%, acquiring an additional 3,860 shares to own approximately 132,934 shares valued at $44 million.
• Insider transactions included significant sales, with Director Kenneth Bate selling 10,000 shares for $3.65 million, and Director Paul A. Friedman selling 129,172 shares for nearly $47.8 million.
• Madrigal Pharmaceuticals reported strong quarterly earnings, with a revenue increase of 1357.5% year-over-year, significantly surpassing analysts' revenue estimates.

Invesco Ltd. increased its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 3.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 132,934 shares of the biopharmaceutical company's stock after buying an additional 3,860 shares during the period. Invesco Ltd. owned about 0.60% of Madrigal Pharmaceuticals worth $44,032,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. VSM Wealth Advisory LLC acquired a new position in Madrigal Pharmaceuticals during the 1st quarter worth approximately $25,000. Accent Capital Management LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter worth $25,000. Farther Finance Advisors LLC lifted its position in shares of 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 purchasing an additional 99 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Madrigal Pharmaceuticals by 131.4% during 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 in the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in Madrigal Pharmaceuticals by 38.9% in the first quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company's stock valued at $52,000 after buying an additional 44 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Insiders Place Their Bets

In other news, Director Rebecca Taub sold 43,263 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $355.69, for a total transaction of $15,388,216.47. Following the completion of the sale, the director directly owned 461,044 shares in the company, valued at approximately $163,988,740.36. This trade represents a 8.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth Bate sold 10,000 shares of the business's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $365.20, for a total value of $3,652,000.00. Following the sale, the director directly owned 2,627 shares in the company, valued at $959,380.40. This trade represents a 79.20% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 294,124 shares of company stock worth $106,413,560. 21.50% of the stock is owned by company insiders.

Madrigal Pharmaceuticals Price Performance

MDGL stock traded down $11.88 on Tuesday, reaching $379.55. 547,512 shares of the company's stock were exchanged, compared to its average volume of 454,361. The stock has a fifty day moving average of $314.52 and a 200-day moving average of $315.03. The firm has a market cap of $8.43 billion, a PE ratio of -29.54 and a beta of -1.02. The company has a quick ratio of 4.78, a current ratio of 5.11 and a debt-to-equity ratio of 0.17. Madrigal Pharmaceuticals, Inc. has a twelve month low of $200.63 and a twelve month high of $393.76.

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MDGL. Wall Street Zen raised Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, May 5th. UBS Group reaffirmed a "buy" rating and issued a $523.00 price target (up from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. JMP Securities reissued a "market outperform" rating and set a $443.00 price objective on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. B. Riley restated a "buy" rating and issued a $460.00 target price (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a report on Friday, May 2nd. Finally, Canaccord Genuity Group lifted their price target on shares of Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Madrigal Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $439.71.

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.