Lord Abbett & CO. LLC Buys 69,107 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Lord Abbett & CO. LLC significantly increased its holdings in Madrigal Pharmaceuticals by 141.3%, acquiring an additional 69,107 shares and owning a total of 118,024 shares valued at approximately $39 million.
• Madrigal Pharmaceuticals reported a 1357.5% year-over-year increase in quarterly revenue, reaching $212.8 million, while the company posted a loss of $1.90 per share, beating analysts' expectations.
• Equities analysts have recently raised their price targets for Madrigal Pharmaceuticals, with UBS Group setting a target of $523.00, indicating strong confidence in the company's future performance.

Lord Abbett & CO. LLC boosted its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 141.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 118,024 shares of the biopharmaceutical company's stock after purchasing an additional 69,107 shares during the quarter. Lord Abbett & CO. LLC owned about 0.53% of Madrigal Pharmaceuticals worth $39,093,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. LPL Financial LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 10.1% during the fourth quarter. LPL Financial LLC now owns 5,220 shares of the biopharmaceutical company's stock worth $1,611,000 after buying an additional 480 shares during the last quarter. Wells Fargo & Company MN increased its position in Madrigal Pharmaceuticals by 19.1% during the fourth quarter. Wells Fargo & Company MN now owns 34,923 shares of the biopharmaceutical company's stock worth $10,776,000 after acquiring an additional 5,604 shares during the period. Envestnet Asset Management Inc. boosted its holdings in Madrigal Pharmaceuticals by 2.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 15,001 shares of the biopharmaceutical company's stock valued at $4,629,000 after purchasing an additional 334 shares during the period. Russell Investments Group Ltd. boosted its holdings in Madrigal Pharmaceuticals by 120.2% in the 4th quarter. Russell Investments Group Ltd. now owns 1,482 shares of the biopharmaceutical company's stock valued at $457,000 after purchasing an additional 809 shares during the period. Finally, Cerity Partners LLC acquired a new stake in Madrigal Pharmaceuticals in the 4th quarter worth $453,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Madrigal Pharmaceuticals Price Performance

NASDAQ:MDGL traded up $3.8980 during trading hours on Wednesday, reaching $383.4480. The company had a trading volume of 98,046 shares, compared to its average volume of 379,258. The company has a quick ratio of 4.78, a current ratio of 5.11 and a debt-to-equity ratio of 0.17. The stock has a 50-day moving average of $314.52 and a two-hundred day moving average of $315.03. Madrigal Pharmaceuticals, Inc. has a one year low of $200.63 and a one year high of $393.76. The firm has a market capitalization of $8.51 billion, a PE ratio of -29.86 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last posted its earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share for the quarter, topping the consensus estimate of ($3.48) by $1.58. The business 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 firm's quarterly revenue was up 1357.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($7.10) EPS. Analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Analyst Ratings Changes

MDGL has been the subject of a number of research analyst reports. JMP Securities upped their price objective 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. B. Riley reiterated a "buy" rating and issued a $460.00 price objective (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a research report on Friday, May 2nd. Wall Street Zen raised Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday, May 5th. Canaccord Genuity Group upped their target price on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Finally, UBS Group reaffirmed a "buy" rating and issued a $523.00 target price (up from $458.00) on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 12th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $445.71.

Insider Activity

In other Madrigal Pharmaceuticals news, Director Kenneth Bate sold 10,000 shares of the company's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $365.20, for a total transaction of $3,652,000.00. Following the sale, the director directly owned 2,627 shares of the company's stock, valued at approximately $959,380.40. This represents a 79.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the director owned 461,044 shares of the company's stock, valued at $163,988,740.36. This trade represents a 8.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 294,124 shares of company stock valued at $106,413,560 over the last three months. 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.