Madrigal Pharmaceuticals, Inc. $MDGL Shares Purchased by Polar Capital Holdings Plc

Key Points

• Polar Capital Holdings boosted its stake in Madrigal Pharmaceuticals by 1.9% in the fourth quarter, bringing its holdings to 270,151 shares worth about $157.3 million.
• Madrigal reported quarterly earnings of ($3.25) per share, beating estimates, and revenue of $311.34 million, which was up 126.8% year over year and above analyst expectations.
• Analyst sentiment remains mostly positive, with a Moderate Buy consensus and an average price target of $687.93, though some insiders recently sold shares under pre-arranged trading plans.

Polar Capital Holdings Plc increased its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 1.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 270,151 shares of the biopharmaceutical company's stock after buying an additional 4,997 shares during the quarter. Polar Capital Holdings Plc owned about 1.19% of Madrigal Pharmaceuticals worth $157,320,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Cynosure Group LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 4th quarter valued at about $597,000. Alkeon Capital Management LLC increased its position in Madrigal Pharmaceuticals by 100.0% during the fourth quarter. Alkeon Capital Management LLC now owns 240,000 shares of the biopharmaceutical company's stock worth $139,762,000 after purchasing an additional 120,000 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in Madrigal Pharmaceuticals by 14.7% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 1,249 shares of the biopharmaceutical company's stock worth $727,000 after purchasing an additional 160 shares during the period. Verition Fund Management LLC boosted its holdings in shares of Madrigal Pharmaceuticals by 58.0% in the 4th quarter. Verition Fund Management LLC now owns 8,893 shares of the biopharmaceutical company's stock valued at $5,179,000 after purchasing an additional 3,263 shares during the last quarter. Finally, MML Investors Services LLC grew its stake in shares of Madrigal Pharmaceuticals by 20.0% during the 4th quarter. MML Investors Services LLC now owns 1,668 shares of the biopharmaceutical company's stock valued at $971,000 after buying an additional 278 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Stock Up 0.3%

Shares of NASDAQ:MDGL opened at $501.19 on Wednesday. The company has a market capitalization of $11.56 billion, a price-to-earnings ratio of -39.16 and a beta of -1.07. The company has a 50 day moving average of $510.69 and a two-hundred day moving average of $509.33. Madrigal Pharmaceuticals, Inc. has a 52-week low of $275.00 and a 52-week high of $615.00. 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 (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 analysts' consensus estimates of ($3.61) by $0.36. The business had revenue of $311.34 million for the quarter, compared to analysts' expectations of $301.05 million. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The business'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 company posted ($3.32) earnings per share. As a group, analysts forecast that Madrigal Pharmaceuticals, Inc. will post -7.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, insider David Soergel sold 1,042 shares of the business'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 transaction, 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. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $515.44, for a total transaction of $2,928,730.08. Following the completion of the transaction, the director directly owned 22,015 shares of the company's stock, valued at approximately $11,347,411.60. The trade was a 20.51% decrease in their ownership of the stock. 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 have sold a total of 7,568 shares of company stock worth $3,880,711 in the last ninety days. 17.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. HC Wainwright restated a "buy" rating and set a $620.00 price objective on shares of Madrigal Pharmaceuticals in a report on Wednesday, May 6th. Truist Financial lifted their target price on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a "buy" rating in a report on Wednesday, May 13th. Bank of America lowered their price target on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a "neutral" rating for the company in a research report on Thursday, June 11th. Wells Fargo & Company upgraded Madrigal Pharmaceuticals to an "overweight" rating in a research note on Monday, June 1st. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Madrigal Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average 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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