Madrigal Pharmaceuticals, Inc. $MDGL is Armistice Capital LLC's 5th Largest Position

Key Points

• Armistice Capital increased its stake in Madrigal Pharmaceuticals by 6.3% in the fourth quarter, making MDGL its 5th largest holding. The fund now owns 265,705 shares worth about $154.7 million.
• Madrigal reported better-than-expected quarterly results, posting EPS of -$3.25 versus estimates of -$3.61 and revenue of $311.34 million versus $301.05 million expected. Revenue jumped 126.8% from a year earlier.
• Analysts remain generally constructive, with the stock carrying a Moderate Buy consensus and an average price target of $687.93. However, recent insider sales and a mixed set of analyst actions show some caution around the name.

Armistice Capital LLC lifted its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 6.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 265,705 shares of the biopharmaceutical company's stock after purchasing an additional 15,723 shares during the quarter. Madrigal Pharmaceuticals comprises approximately 1.8% of Armistice Capital LLC's investment portfolio, making the stock its 5th biggest position. Armistice Capital LLC owned 1.17% of Madrigal Pharmaceuticals worth $154,731,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Guggenheim Capital LLC grew its holdings in shares of Madrigal Pharmaceuticals by 33.0% during the 4th quarter. Guggenheim Capital LLC now owns 2,161 shares of the biopharmaceutical company's stock worth $1,258,000 after purchasing an additional 536 shares during the period. AQR Capital Management LLC boosted its holdings in Madrigal Pharmaceuticals by 51.9% during the 4th quarter. AQR Capital Management LLC now owns 10,006 shares of the biopharmaceutical company's stock valued at $5,827,000 after acquiring an additional 3,420 shares during the period. Abel Hall LLC boosted its holdings in Madrigal Pharmaceuticals by 20.3% during the 4th quarter. Abel Hall LLC now owns 710 shares of the biopharmaceutical company's stock valued at $413,000 after acquiring an additional 120 shares during the period. EFG International AG purchased a new position in Madrigal Pharmaceuticals during the 4th quarter valued at about $6,050,000. Finally, Cetera Investment Advisers boosted its holdings in Madrigal Pharmaceuticals by 5.8% during the 4th quarter. Cetera Investment Advisers now owns 3,941 shares of the biopharmaceutical company's stock valued at $2,295,000 after acquiring an additional 215 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Stock Performance

Shares of Madrigal Pharmaceuticals stock opened at $499.86 on Thursday. The business has a 50-day moving average of $510.01 and a 200 day moving average of $508.62. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.50 and a quick ratio of 3.16. The stock has a market capitalization of $11.53 billion, a price-to-earnings ratio of -39.05 and a beta of -1.07. Madrigal Pharmaceuticals, Inc. has a 12 month low of $275.00 and a 12 month high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.61) by $0.36. The business had revenue of $311.34 million during the quarter, compared to analysts' expectations of $301.05 million. Madrigal Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 27.32%.The business's quarterly revenue was up 126.8% compared to the same quarter last year. During the same quarter last year, the business posted ($3.32) EPS. As a group, sell-side analysts forecast that Madrigal Pharmaceuticals, Inc. will post -7.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MDGL. Bank of America lowered their target price on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a "neutral" rating for the company in a report on Thursday, June 11th. Wells Fargo & Company upgraded Madrigal Pharmaceuticals to an "overweight" rating in a report on Monday, June 1st. Zacks Research upgraded Madrigal Pharmaceuticals from a "strong sell" rating to a "hold" rating in a report on Friday, February 20th. Weiss Ratings restated a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, April 21st. Finally, HC Wainwright restated a "buy" rating and set a $620.00 target price on shares of Madrigal Pharmaceuticals in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $687.93.

Insider Activity

In other news, insider David Soergel sold 1,042 shares of Madrigal Pharmaceuticals stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $495.74, for a total value of $516,561.08. Following the completion of the transaction, the insider owned 10,033 shares in the company, valued at approximately $4,973,759.42. This trade represents a 9.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of Madrigal Pharmaceuticals stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $515.44, for a total value of $2,928,730.08. Following the completion of the transaction, the director owned 22,015 shares of the company's stock, valued at $11,347,411.60. The trade was a 20.51% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 7,568 shares of company stock valued at $3,880,711 in the last quarter. Company insiders own 17.60% of the company's stock.

Madrigal Pharmaceuticals Company Profile

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company's pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-β agonist in Phase 3 development for the treatment of NASH.

Want to see what other hedge funds are holding MDGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.