Lord Abbett & CO. LLC Acquires 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 its most recent Form 13F filing with the SEC. The firm owned 118,024 shares of the biopharmaceutical company's stock after buying an additional 69,107 shares during the period. Lord Abbett & CO. LLC owned approximately 0.53% of Madrigal Pharmaceuticals worth $39,093,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Woodline Partners LP boosted its position 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 acquiring an additional 162,027 shares during the last quarter. Hood River Capital Management LLC purchased a new stake in Madrigal Pharmaceuticals in the fourth quarter valued at approximately $39,447,000. Vestal Point Capital LP lifted its position in Madrigal Pharmaceuticals by 216.7% during the fourth quarter. Vestal Point Capital LP now owns 95,000 shares of the biopharmaceutical company's stock valued at $29,314,000 after purchasing an additional 65,000 shares during the last quarter. Federated Hermes Inc. bought a new stake in Madrigal Pharmaceuticals during the first quarter valued at approximately $19,220,000. Finally, Raymond James Financial Inc. purchased a new position in Madrigal Pharmaceuticals in the 4th quarter worth approximately $16,615,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Trading Up 3.2%

Shares of MDGL traded up $12.11 during trading hours on Wednesday, hitting $391.66. The company had a trading volume of 312,691 shares, compared to its average volume of 452,642. Madrigal Pharmaceuticals, Inc. has a 52-week low of $200.63 and a 52-week high of $393.77. 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's 50 day moving average price is $316.47 and its 200 day moving average price is $315.55. The firm has a market cap of $8.69 billion, a P/E ratio of -30.48 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last issued its earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share for the quarter, beating the consensus estimate of ($3.48) by $1.58. The company had revenue of $212.80 million during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the prior year, the business posted ($7.10) EPS. On average, research analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Analyst Ratings Changes

MDGL has been the topic of several research reports. Wall Street Zen upgraded shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, May 5th. B. Riley restated a "buy" rating and set a $460.00 price target (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a research report on Friday, May 2nd. JMP Securities lifted their price target on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a "market outperform" rating in a research note on Wednesday. UBS Group reiterated a "buy" rating and set a $523.00 price objective (up from $458.00) on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 12th. Finally, Canaccord Genuity Group raised their price objective on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $445.71.

Insider Activity

In other news, Director Rebecca Taub sold 43,263 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $355.69, for a total value of $15,388,216.47. Following the transaction, the director owned 461,044 shares in the company, valued at approximately $163,988,740.36. This trade represents a 8.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul A. Friedman sold 129,172 shares of Madrigal Pharmaceuticals stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $370.24, for a total transaction of $47,824,641.28. Following the completion of the transaction, 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 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 294,124 shares valued at $106,413,560. 21.50% of the stock is owned by company insiders.

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.