Madrigal Pharmaceuticals, Inc. $MDGL Shares Sold by Propel Bio Management LLC

Key Points

• Propel Bio Management LLC has reduced its stake in Madrigal Pharmaceuticals by 30.2%, leaving it with approximately 30,032 shares, which accounts for 11.6% of its total holdings.
• Analysts have increased price targets for Madrigal Pharmaceuticals, with TD Cowen raising it from $390 to $554, reflecting growing confidence in the company's prospects.
• Insiders sold over 301,000 shares of Madrigal Pharmaceuticals in recent months, while also purchasing around 165,683 shares, indicating mixed sentiment among executives.

Propel Bio Management LLC trimmed its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 30.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,032 shares of the biopharmaceutical company's stock after selling 13,000 shares during the quarter. Madrigal Pharmaceuticals accounts for approximately 11.6% of Propel Bio Management LLC's portfolio, making the stock its 2nd largest holding. Propel Bio Management LLC owned about 0.14% of Madrigal Pharmaceuticals worth $9,947,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in MDGL. VSM Wealth Advisory LLC acquired a new position in Madrigal Pharmaceuticals during the first quarter worth about $25,000. Accent Capital Management LLC acquired a new position in Madrigal Pharmaceuticals during the first quarter worth about $25,000. Summit Securities Group LLC acquired a new position in Madrigal Pharmaceuticals during the first quarter worth about $33,000. Farther Finance Advisors LLC grew its position in Madrigal Pharmaceuticals by 825.0% during the first quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company's stock worth $36,000 after buying an additional 99 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Madrigal Pharmaceuticals by 131.4% in the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock valued at $39,000 after purchasing an additional 67 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on MDGL shares. TD Cowen increased their price target on shares of Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. UBS Group reissued a "buy" rating and set a $523.00 price objective (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 12th. Canaccord Genuity Group upped their price objective 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. JMP Securities increased their price target on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a "market outperform" rating in a research note on Wednesday, August 20th. Finally, Cowen reaffirmed a "buy" rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 26th. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $459.25.

Insiders Place Their Bets

In related news, Director Paul A. Friedman sold 129,172 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $370.24, for a total transaction of $47,824,641.28. Following the completion of the sale, the director directly owned 187,164 shares of the company's stock, valued at approximately $69,295,599.36. This trade represents a 40.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rebecca Taub sold 43,263 shares of the firm's stock in a transaction 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 sale, the director directly owned 461,044 shares of the company's stock, valued at approximately $163,988,740.36. The trade was a 8.58% 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 worth $61,921,142 and have sold 301,740 shares worth $109,461,331. 21.50% of the stock is currently owned by insiders.

Madrigal Pharmaceuticals Trading Down 0.2%

Shares of MDGL stock traded down $0.84 during mid-day trading on Wednesday, reaching $435.27. The company's stock had a trading volume of 369,169 shares, compared to its average volume of 439,649. The company's 50 day simple moving average is $344.75 and its 200-day simple moving average is $321.89. Madrigal Pharmaceuticals, Inc. has a 12-month low of $200.63 and a 12-month high of $443.00. 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 firm has a market capitalization of $9.66 billion, a PE ratio of -33.87 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) 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 the consensus estimate of $158.94 million. During the same quarter last year, the firm posted ($7.10) EPS. The business's revenue for the quarter was up 1357.5% compared to the same quarter last year. On average, research analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Madrigal Pharmaceuticals 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.