Madrigal Pharmaceuticals, Inc. $MDGL Shares Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon Corp increased its stake in Madrigal Pharmaceuticals by 40% in the fourth quarter, bringing its holdings to 136,869 shares worth about $79.7 million.
• Madrigal reported better-than-expected quarterly results, posting an EPS loss of $3.25 versus the $3.61 estimate and revenue of $311.34 million, which was up 126.8% year over year.
• Several analysts remain positive on the stock, with a Moderate Buy consensus and an average price target of $687, though some recent insider sales and mixed ratings show caution remains.

Bank of New York Mellon Corp grew its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 40.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 136,869 shares of the biopharmaceutical company's stock after purchasing an additional 39,090 shares during the period. Bank of New York Mellon Corp owned approximately 0.60% of Madrigal Pharmaceuticals worth $79,704,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Eastern Bank raised its stake in shares of Madrigal Pharmaceuticals by 32.3% in the fourth quarter. Eastern Bank now owns 86 shares of the biopharmaceutical company's stock valued at $50,000 after acquiring an additional 21 shares in the last quarter. Centaurus Financial Inc. raised its stake in shares of Madrigal Pharmaceuticals by 5.0% in the third quarter. Centaurus Financial Inc. now owns 709 shares of the biopharmaceutical company's stock valued at $325,000 after acquiring an additional 34 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Madrigal Pharmaceuticals by 34.6% in the fourth quarter. Farther Finance Advisors LLC now owns 140 shares of the biopharmaceutical company's stock valued at $82,000 after acquiring an additional 36 shares in the last quarter. Accent Capital Management LLC raised its stake in shares of Madrigal Pharmaceuticals by 64.9% in the fourth quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company's stock valued at $55,000 after acquiring an additional 37 shares in the last quarter. Finally, Swiss Life Asset Management Ltd raised its stake in shares of Madrigal Pharmaceuticals by 6.8% in the fourth quarter. Swiss Life Asset Management Ltd now owns 690 shares of the biopharmaceutical company's stock valued at $402,000 after acquiring an additional 44 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL stock opened at $467.28 on Tuesday. The stock's 50-day moving average is $515.87 and its two-hundred day moving average is $513.01. The firm has a market cap of $10.78 billion, a price-to-earnings ratio of -36.51 and a beta of -1.07. Madrigal Pharmaceuticals, Inc. has a 1 year low of $275.00 and a 1 year high of $615.00. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.16 and a current ratio of 3.50.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.61) by $0.36. The company had revenue of $311.34 million for the quarter, compared to analyst estimates 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 company posted ($3.32) earnings per share. Analysts predict that Madrigal Pharmaceuticals, Inc. will post -7.23 earnings per share for the current year.

Insider Activity

In related news, Director Richard S. Levy sold 5,682 shares of the firm's stock in a transaction dated 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 owned 22,015 shares of the company's stock, valued at $11,347,411.60. This trade represents a 20.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the firm's 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 transaction, 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 7,568 shares of company stock worth $3,880,711. Corporate insiders own 17.60% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MDGL shares. Evercore set a $649.00 price objective on Madrigal Pharmaceuticals in a research note on Thursday, May 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, April 21st. Truist Financial increased their price objective on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a "buy" rating in a research note on Wednesday, May 13th. Citigroup reiterated a "market outperform" rating on shares of Madrigal Pharmaceuticals in a research note on Monday, June 1st. Finally, Zacks Research raised Madrigal Pharmaceuticals from a "strong sell" rating to a "hold" rating in a report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $687.00.

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.

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