Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Holdings Raised by LPL Financial LLC

Key Points

• LPL Financial LLC significantly increased its stake in Madrigal Pharmaceuticals, acquiring an additional 25,602 shares and raising its holdings by 490.5%, which now represents 0.14% of the company valued at approximately $10.2 million.
• Insiders at Madrigal Pharmaceuticals sold around 60,377 shares in total over the past 90 days, with two directors selling significant portions of their stock, indicating a 12.27% and 5.42% decrease in their respective ownerships.
• Wall Street analysts are optimistic about Madrigal's future, with several brokerages issuing buy ratings and adjusting price targets upwards, leading to a consensus target price of $430.43, indicating potential growth for the stock.

LPL Financial LLC increased its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 490.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,822 shares of the biopharmaceutical company's stock after purchasing an additional 25,602 shares during the period. LPL Financial LLC owned 0.14% of Madrigal Pharmaceuticals worth $10,209,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. VSM Wealth Advisory LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter valued at $25,000. Farther Finance Advisors LLC boosted its position in 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 period. GAMMA Investing LLC boosted its position in Madrigal Pharmaceuticals by 131.4% during the 1st quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock worth $39,000 after purchasing an additional 67 shares during the period. First Horizon Advisors Inc. boosted its position in Madrigal Pharmaceuticals by 38.9% during the 1st quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company's stock worth $52,000 after purchasing an additional 44 shares during the period. Finally, Parallel Advisors LLC boosted its position in Madrigal Pharmaceuticals by 42.7% during the 1st quarter. Parallel Advisors LLC now owns 284 shares of the biopharmaceutical company's stock worth $94,000 after purchasing an additional 85 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Stock Performance

NASDAQ MDGL traded up $9.70 during trading hours on Tuesday, reaching $359.20. The company's stock had a trading volume of 445,310 shares, compared to its average volume of 375,567. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17. The business has a 50-day simple moving average of $303.20 and a 200 day simple moving average of $312.98. Madrigal Pharmaceuticals, Inc. has a 52 week low of $200.63 and a 52 week high of $377.46. The stock has a market cap of $7.97 billion, a PE ratio of -27.95 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) EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $158.94 million. During the same quarter in the prior year, the firm earned ($7.10) EPS. Madrigal Pharmaceuticals's quarterly revenue was up 1357.5% on a year-over-year basis. Equities research analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on MDGL shares. UBS Group reiterated a "buy" rating and issued a $523.00 price objective (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday. 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 report on Friday, May 2nd. Wall Street Zen upgraded shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday, May 5th. JMP Securities restated a "market outperform" rating and issued a $443.00 target price on shares of Madrigal Pharmaceuticals in a research note on Thursday, April 24th. Finally, Canaccord Genuity Group upped their target price on shares of Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Madrigal Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $439.71.

Insider Activity

In other Madrigal Pharmaceuticals news, Director Rebecca Taub sold 26,444 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $353.47, for a total value of $9,347,160.68. Following the completion of the transaction, the director owned 461,044 shares in the company, valued at approximately $162,965,222.68. This represents a 5.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul A. Friedman sold 26,176 shares of the company's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $353.47, for a total transaction of $9,252,430.72. Following the completion of the transaction, the director owned 187,164 shares of the company's stock, valued at approximately $66,156,859.08. This trade represents a 12.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,377 shares of company stock valued at $21,316,969. 21.50% of the stock is owned by 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.