Madrigal Pharmaceuticals, Inc. $MDGL Position Reduced by SG Americas Securities LLC

Key Points

• SG Americas Securities LLC cut its Madrigal Pharmaceuticals position by 57.5% in the first quarter, selling 3,675 shares and leaving it with 2,711 shares worth about $1.42 million.
• Madrigal reported better-than-expected first-quarter results, with EPS of -$3.25 versus -$3.61 expected and revenue of $311.34 million, up 126.8% year over year.
• Recent insider selling included trades by David Soergel and Director Richard S. Levy, while analysts currently rate the stock a Moderate Buy with a consensus target price of $687.93.

SG Americas Securities LLC trimmed its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 57.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,711 shares of the biopharmaceutical company's stock after selling 3,675 shares during the quarter. SG Americas Securities LLC's holdings in Madrigal Pharmaceuticals were worth $1,419,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in MDGL. Baker BROS. Advisors LP lifted its position in shares of Madrigal Pharmaceuticals by 8.4% in the 3rd quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company's stock valued at $982,313,000 after acquiring an additional 165,683 shares in the last quarter. Wellington Management Group LLP boosted its stake in Madrigal Pharmaceuticals by 14.1% in the 4th quarter. Wellington Management Group LLP now owns 461,402 shares of the biopharmaceutical company's stock worth $268,693,000 after purchasing an additional 56,947 shares during the period. Geode Capital Management LLC grew its position in Madrigal Pharmaceuticals by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 451,743 shares of the biopharmaceutical company's stock worth $263,114,000 after purchasing an additional 5,510 shares in the last quarter. Invesco Ltd. grew its position in Madrigal Pharmaceuticals by 21.9% during the 4th quarter. Invesco Ltd. now owns 365,314 shares of the biopharmaceutical company's stock worth $212,737,000 after purchasing an additional 65,749 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Madrigal Pharmaceuticals by 12.7% during the 2nd quarter. Bank of America Corp DE now owns 277,221 shares of the biopharmaceutical company's stock valued at $83,898,000 after purchasing an additional 31,260 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Price Performance

NASDAQ MDGL opened at $528.10 on Friday. The company has a quick ratio of 3.16, a current ratio of 3.50 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $12.18 billion, a PE ratio of -41.26 and a beta of -1.05. The company has a 50 day moving average price of $508.48 and a two-hundred day moving average price of $504.35. Madrigal Pharmaceuticals, Inc. has a 12-month low of $284.02 and a 12-month high of $615.00.

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

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. HC Wainwright restated a "buy" rating and issued a $620.00 target price on shares of Madrigal Pharmaceuticals in a report on Wednesday, May 6th. Citigroup reiterated a "market outperform" rating on shares of Madrigal Pharmaceuticals in a report on Monday, June 1st. Bank of America dropped their price target on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a "neutral" rating on the stock in a research report on Thursday, June 11th. Piper Sandler reissued an "overweight" rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, June 24th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Madrigal Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus target price of $687.93.

About Madrigal Pharmaceuticals

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.

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