J. Safra Sarasin Holding AG Increases Holdings in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• J. Safra Sarasin Holding AG increased its stake in Madrigal Pharmaceuticals by 280.7%, owning a total of 6,823 shares valued at approximately $2.06 million.
• Brokerages have set new target prices for Madrigal Pharmaceuticals, with updates including a raise from $483.00 to $485.00 by JMP Securities and a revision from $428.00 to $526.00 by Canaccord Genuity Group.
• Madrigal Pharmaceuticals reported a revenue increase of 1357.5% year-over-year in their latest quarterly earnings, with earnings per share beating estimates at ($1.90) compared to a prior estimate of ($3.48).

J. Safra Sarasin Holding AG raised its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 280.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,823 shares of the biopharmaceutical company's stock after purchasing an additional 5,031 shares during the period. J. Safra Sarasin Holding AG's holdings in Madrigal Pharmaceuticals were worth $2,065,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rhumbline Advisers raised its position in Madrigal Pharmaceuticals by 7.9% during the first quarter. Rhumbline Advisers now owns 26,364 shares of the biopharmaceutical company's stock valued at $8,733,000 after purchasing an additional 1,924 shares during the period. GAMMA Investing LLC lifted its position in Madrigal Pharmaceuticals by 131.4% in the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock worth $39,000 after buying an additional 67 shares during the last quarter. XTX Topco Ltd bought a new stake in Madrigal Pharmaceuticals in the first quarter worth $392,000. Park Avenue Securities LLC purchased a new stake in shares of Madrigal Pharmaceuticals in the first quarter valued at $217,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Madrigal Pharmaceuticals by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 151,251 shares of the biopharmaceutical company's stock valued at $50,099,000 after acquiring an additional 505 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MDGL. JMP Securities increased their target price on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the company a "market outperform" rating in a research note on Wednesday, August 20th. Cowen reissued a "buy" rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 26th. Canaccord Genuity Group increased their price objective on shares of Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. HC Wainwright initiated coverage on Madrigal Pharmaceuticals in a report on Thursday, September 4th. They issued a "buy" rating and a $500.00 price target on the stock. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a report on Saturday, September 27th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Madrigal Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $495.88.

Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ:MDGL opened at $443.01 on Friday. The firm has a market cap of $9.84 billion, a PE ratio of -34.48 and a beta of -1.02. The firm's 50 day simple moving average is $400.69 and its 200-day simple moving average is $337.48. Madrigal Pharmaceuticals, Inc. has a one year low of $200.63 and a one year high of $463.63. 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 released its quarterly earnings data 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 the consensus estimate of $158.94 million. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%.Madrigal Pharmaceuticals's quarterly revenue was up 1357.5% on a year-over-year basis. During the same period last year, the business posted ($7.10) EPS. As a group, equities analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Insider Activity

In other Madrigal Pharmaceuticals news, Director Bros. Advisors Lp Baker bought 68,618 shares of the business's stock in a transaction on Monday, August 18th. The shares were acquired at an average price of $364.04 per share, with a total value of $24,979,696.72. Following the transaction, the director owned 1,859,091 shares of the company's stock, valued at approximately $676,783,487.64. This trade represents a 3.83% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William John Sibold sold 7,616 shares of the firm's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $400.18, for a total transaction of $3,047,770.88. Following the transaction, the chief executive officer directly owned 109,753 shares in the company, valued at $43,920,955.54. This trade represents a 6.49% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 165,683 shares of company stock valued at $61,921,142 and have sold 309,019 shares valued at $112,705,072. Corporate insiders own 21.50% of the company's stock.

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.

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