Madrigal Pharmaceuticals, Inc. $MDGL Shares Purchased by Castleark Management LLC

Key Points

• Castleark Management LLC increased its stake in Madrigal Pharmaceuticals by 45.7% in the fourth quarter, buying 4,540 more shares and bringing its total to 14,466 shares worth about $8.4 million.
• Wall Street sentiment remains constructive, with analysts assigning Madrigal a “Moderate Buy” consensus rating and an average price target of $687.93. Recent updates included upgrades from Wells Fargo and Citigroup, though one firm trimmed its target price slightly.
• Madrigal beat quarterly expectations, reporting ($3.25) EPS versus the expected $(3.61) and $311.34 million in revenue, up 126.8% year over year. However, insiders have been selling shares recently, including director Richard S. Levy and insider David Soergel.

Castleark Management LLC raised its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 45.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,466 shares of the biopharmaceutical company's stock after buying an additional 4,540 shares during the quarter. Castleark Management LLC owned about 0.06% of Madrigal Pharmaceuticals worth $8,424,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Flagship Harbor Advisors LLC acquired a new stake in Madrigal Pharmaceuticals during the fourth quarter valued at approximately $29,000. Aventura Private Wealth LLC acquired a new stake in Madrigal Pharmaceuticals during the fourth quarter valued at approximately $36,000. Aster Capital Management DIFC Ltd acquired a new stake in Madrigal Pharmaceuticals during the third quarter valued at approximately $39,000. Eastern Bank raised its stake in Madrigal Pharmaceuticals by 32.3% during the fourth quarter. Eastern Bank now owns 86 shares of the biopharmaceutical company's stock valued at $50,000 after buying an additional 21 shares in the last quarter. Finally, Quarry LP acquired a new stake in Madrigal Pharmaceuticals during the third quarter valued at approximately $39,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on MDGL shares. Zacks Research upgraded Madrigal Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research note on Friday, February 20th. Wells Fargo & Company upgraded shares of Madrigal Pharmaceuticals to an "overweight" rating in a research note on Monday, June 1st. Citigroup reiterated a "market outperform" rating on shares of Madrigal Pharmaceuticals in a research note on Monday, June 1st. Canaccord Genuity Group dropped their price objective on shares of Madrigal Pharmaceuticals from $587.00 to $578.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Finally, Evercore set a $649.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Madrigal Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $687.93.

Madrigal Pharmaceuticals Price Performance

MDGL opened at $480.77 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. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $275.00 and a fifty-two week high of $615.00. The company's 50-day moving average price is $512.55 and its 200 day moving average price is $511.22. The firm has a market cap of $11.09 billion, a price-to-earnings ratio of -37.56 and a beta of -1.07.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, topping analysts' consensus estimates of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The business had revenue of $311.34 million for the quarter, compared to analysts' expectations of $301.05 million. During the same quarter last year, the company earned ($3.32) EPS. The company's revenue for the quarter was up 126.8% compared to the same quarter last year. As a group, sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.23 earnings per share for the current year.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Richard S. Levy sold 5,682 shares of the firm's stock in a transaction that occurred on 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 sale, the director owned 22,015 shares in the company, valued at approximately $11,347,411.60. This trade represents a 20.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 that occurred 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 completion of the sale, the insider owned 10,033 shares in the company, valued at $4,973,759.42. The trade was 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. Insiders sold 7,568 shares of company stock worth $3,880,711 in the last 90 days. 17.60% of the stock is owned by company insiders.

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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