Madrigal Pharmaceuticals, Inc. $MDGL Shares Bought by Wellington Management Group LLP

Key Points

• Wellington Management increased its Madrigal Pharmaceuticals stake by 18.8% in the second quarter, acquiring 130,756 shares for a total of 825,714 shares valued at approximately $443.4 million. Institutional investors collectively own 98.5% of MDGL.
• Two company insiders sold shares, including General Counsel Shannon Kelley’s $341,940 tax-withholding-related sale and David Soergel’s $516,561 sale under a Rule 10b5-1 plan. Corporate insiders retain a 17.6% ownership stake.
• Madrigal reported quarterly revenue of $364.25 million, up 71.2% year over year, and beat analyst expectations for adjusted earnings. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $699.64, compared with a recent share price of $533.76.

Wellington Management Group LLP increased its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 18.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 825,714 shares of the biopharmaceutical company's stock after acquiring an additional 130,756 shares during the period. Wellington Management Group LLP owned approximately 3.57% of Madrigal Pharmaceuticals worth $443,367,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Persistent Asset Partners Ltd bought a new position in Madrigal Pharmaceuticals during the 2nd quarter valued at $29,000. Global Retirement Partners LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 2nd quarter valued at $34,000. Kemnay Advisory Services Inc. bought a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter worth $39,000. Quarry LP acquired a new stake in shares of Madrigal Pharmaceuticals in the third quarter valued at $39,000. Finally, Accent Capital Management LLC lifted its holdings 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 buying an additional 37 shares during the period. Institutional investors and hedge funds own 98.50% of the company's stock.

Insider Transactions at Madrigal Pharmaceuticals

In related news, General Counsel Shannon T. Kelley sold 664 shares of the business's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $514.97, for a total transaction of $341,940.08. Following the transaction, the general counsel directly owned 11,474 shares of the company's stock, valued at approximately $5,908,765.78. The trade was a 5.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David Soergel sold 1,042 shares of Madrigal Pharmaceuticals stock in a transaction on Monday, June 1st. The shares were sold at an average price of $495.74, for a total transaction of $516,561.08. Following the sale, the insider directly owned 10,033 shares of the company's stock, valued at $4,973,759.42. This trade represents a 9.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.60% of the stock is owned by corporate insiders.

Madrigal Pharmaceuticals Stock Performance

Shares of Madrigal Pharmaceuticals stock opened at $533.76 on Friday. The stock has a market cap of $12.33 billion, a PE ratio of -41.41 and a beta of -1.01. The business has a fifty day simple moving average of $526.96 and a 200-day simple moving average of $502.76. The company has a quick ratio of 2.94, a current ratio of 3.20 and a debt-to-equity ratio of 0.65. Madrigal Pharmaceuticals, Inc. has a 12 month low of $393.61 and a 12 month high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share for the quarter, beating the consensus estimate of ($2.68) by $0.69. The firm had revenue of $364.25 million for the quarter, compared to analyst estimates of $352.13 million. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.Madrigal Pharmaceuticals's quarterly revenue was up 71.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.90) earnings per share. On average, sell-side analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MDGL. Piper Sandler reaffirmed an "overweight" rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, June 24th. Truist Financial boosted their target price on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a "buy" rating in a report on Wednesday, May 13th. Wells Fargo & Company initiated coverage on shares of Madrigal Pharmaceuticals in a research note on Monday, July 27th. They set an "overweight" rating and a $685.00 target price for the company. Canaccord Genuity Group lifted their price target on shares of Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Finally, HC Wainwright reiterated a "buy" rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 31st. Fifteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $699.64.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source