Madrigal Pharmaceuticals, Inc. $MDGL Holdings Cut by Cannon Global Investment Management LLC

Key Points

• Cannon Global Investment Management LLC has reduced its holdings in Madrigal Pharmaceuticals by 46.7% in Q2, now owning only 800 shares valued at approximately $242,000.
• Madrigal's CEO and Director have recently sold significant shares, with the CEO selling 7,279 shares for over $3.24 million, marking a 6.63% decrease in ownership.
• Despite the insider selling, brokerages remain optimistic with multiple firms raising their price targets, leading to a consensus rating of "Moderate Buy" for the stock.

Cannon Global Investment Management LLC lowered its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 46.7% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 800 shares of the biopharmaceutical company's stock after selling 700 shares during the period. Cannon Global Investment Management LLC's holdings in Madrigal Pharmaceuticals were worth $242,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of MDGL. Farther Finance Advisors LLC lifted its holdings in Madrigal Pharmaceuticals by 825.0% in the first quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company's stock worth $36,000 after acquiring an additional 99 shares during the last quarter. GAMMA Investing LLC lifted its holdings 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 acquiring an additional 67 shares during the last quarter. QRG Capital Management Inc. bought a new position in Madrigal Pharmaceuticals in the first quarter worth about $240,000. Oppenheimer Asset Management Inc. lifted its holdings in Madrigal Pharmaceuticals by 6.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 1,203 shares of the biopharmaceutical company's stock worth $398,000 after acquiring an additional 71 shares during the last quarter. Finally, AMI Asset Management Corp lifted its holdings in Madrigal Pharmaceuticals by 10.5% in the first quarter. AMI Asset Management Corp now owns 5,500 shares of the biopharmaceutical company's stock worth $1,822,000 after acquiring an additional 522 shares during the last quarter. Institutional investors own 98.50% of the company's stock.

Insider Activity

In related news, CEO William John Sibold sold 7,279 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $445.63, for a total transaction of $3,243,740.77. Following the completion of the sale, the chief executive officer directly owned 102,474 shares in the company, valued at approximately $45,665,488.62. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul A. Friedman sold 129,172 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 187,164 shares of the company's stock, valued at $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 ninety days, insiders purchased 165,683 shares of company stock valued at $61,921,142 and sold 248,642 shares valued at $91,388,103. 21.50% of the stock is currently owned by corporate insiders.

Madrigal Pharmaceuticals Price Performance

NASDAQ MDGL opened at $438.90 on Friday. Madrigal Pharmaceuticals, Inc. has a 12 month low of $200.63 and a 12 month high of $463.63. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.11 and a quick ratio of 4.78. The firm has a market capitalization of $9.74 billion, a PE ratio of -34.16 and a beta of -1.02. The company's 50 day simple moving average is $424.54 and its 200 day simple moving average is $344.32.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $212.80 million for the quarter, compared to analyst estimates of $158.94 million. During the same quarter last year, the business earned ($7.10) earnings per share. The business's revenue for the quarter was up 1357.5% on a year-over-year basis. As a group, equities research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MDGL. HC Wainwright assumed coverage on shares of Madrigal Pharmaceuticals in a report on Thursday, September 4th. They issued a "buy" rating and a $500.00 target price on the stock. B. Riley raised their price target on shares of Madrigal Pharmaceuticals from $460.00 to $560.00 and gave the company a "buy" rating in a research note on Monday, September 29th. JMP Securities raised their price target 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. Oppenheimer raised their price target on shares of Madrigal Pharmaceuticals from $500.00 to $590.00 and gave the company an "outperform" rating in a research note on Friday, October 10th. Finally, Piper Sandler raised their price target on shares of Madrigal Pharmaceuticals from $400.00 to $540.00 and gave the company an "overweight" rating in a research note on Wednesday. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $532.70.

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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