Madrigal Pharmaceuticals, Inc. $MDGL Shares Purchased by Rhumbline Advisers

Key Points

• Rhumbline Advisers increased its position in Madrigal Pharmaceuticals by 7.9%, owning 26,364 shares worth approximately $8.73 million as of the latest SEC filing.
• Multiple analysts have assigned buy ratings to Madrigal, with price targets ranging from $428 to $554, reflecting strong expectations for the company's growth potential.
• Insider trading activity showed that significant shares were sold by both a director and general counsel, indicating potential shifts in ownership strategy amidst substantial stock price fluctuations.

Rhumbline Advisers increased its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 7.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,364 shares of the biopharmaceutical company's stock after purchasing an additional 1,924 shares during the quarter. Rhumbline Advisers owned 0.12% of Madrigal Pharmaceuticals worth $8,733,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Mutual of America Capital Management LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 0.3% during the first quarter. Mutual of America Capital Management LLC now owns 11,263 shares of the biopharmaceutical company's stock worth $3,731,000 after purchasing an additional 31 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Madrigal Pharmaceuticals by 38.9% during the first quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company's stock worth $52,000 after purchasing an additional 44 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 131.4% during the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock worth $39,000 after purchasing an additional 67 shares during the period. Verity Asset Management Inc. lifted its holdings in shares of Madrigal Pharmaceuticals by 4.7% during the first quarter. Verity Asset Management Inc. now owns 1,560 shares of the biopharmaceutical company's stock worth $517,000 after purchasing an additional 70 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its position in Madrigal Pharmaceuticals by 6.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 1,203 shares of the biopharmaceutical company's stock valued at $398,000 after acquiring an additional 71 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Analysts Set New Price Targets

MDGL has been the subject of several recent research reports. HC Wainwright initiated coverage on Madrigal Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $500.00 price target for the company. Canaccord Genuity Group lifted their price target on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. TD Cowen lifted their price target on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. JMP Securities lifted their price target on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the company a "market outperform" rating in a research report on Wednesday, August 20th. Finally, UBS Group reiterated a "buy" rating and set a $523.00 price target (up from $458.00) on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 12th. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $471.13.

Insider Activity at Madrigal Pharmaceuticals

In other news, Director Kenneth Bate sold 10,000 shares of the company's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $365.20, for a total transaction of $3,652,000.00. Following the completion of the transaction, the director directly owned 2,627 shares of the company's stock, valued at approximately $959,380.40. This represents a 79.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Shannon T. Kelley sold 1,304 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $367.81, for a total value of $479,624.24. Following the transaction, the general counsel directly owned 9,173 shares of the company's stock, valued at approximately $3,373,921.13. This represents a 12.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 165,683 shares of company stock worth $61,921,142 and have sold 309,019 shares worth $112,705,072. Company insiders own 21.50% of the company's stock.

Madrigal Pharmaceuticals Price Performance

MDGL stock opened at $430.11 on Thursday. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $9.55 billion, a PE ratio of -33.47 and a beta of -1.02. Madrigal Pharmaceuticals, Inc. has a 12-month low of $200.63 and a 12-month high of $457.16. The business's fifty day moving average price is $358.62 and its 200 day moving average price is $325.26.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.48) by $1.58. The firm had revenue of $212.80 million for the quarter, compared to the consensus estimate of $158.94 million. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%.The company's quarterly revenue was up 1357.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($7.10) EPS. On average, sell-side analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Madrigal Pharmaceuticals Profile

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.

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