Rhumbline Advisers Acquires 1,924 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

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 lifted its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 7.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 26,364 shares of the biopharmaceutical company's stock after acquiring an additional 1,924 shares during the period. Rhumbline Advisers owned approximately 0.12% of Madrigal Pharmaceuticals worth $8,733,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MDGL. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Madrigal Pharmaceuticals by 860.0% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 191,609 shares of the biopharmaceutical company's stock worth $63,467,000 after acquiring an additional 171,649 shares during the last quarter. Woodline Partners LP lifted its stake in Madrigal Pharmaceuticals by 110.2% in the fourth quarter. Woodline Partners LP now owns 309,117 shares of the biopharmaceutical company's stock worth $95,384,000 after purchasing an additional 162,027 shares during the last quarter. MPM Bioimpact LLC bought a new stake in Madrigal Pharmaceuticals in the first quarter worth $33,260,000. Lord Abbett & CO. LLC lifted its stake in Madrigal Pharmaceuticals by 141.3% in the first quarter. Lord Abbett & CO. LLC now owns 118,024 shares of the biopharmaceutical company's stock worth $39,093,000 after purchasing an additional 69,107 shares during the last quarter. Finally, Vestal Point Capital LP lifted its stake in Madrigal Pharmaceuticals by 216.7% in the fourth quarter. Vestal Point Capital LP now owns 95,000 shares of the biopharmaceutical company's stock worth $29,314,000 after purchasing an additional 65,000 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Paul A. Friedman sold 129,172 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $370.24, for a total value of $47,824,641.28. Following the sale, the director owned 187,164 shares in the company, valued at approximately $69,295,599.36. This trade represents a 40.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William John Sibold sold 7,279 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $445.63, for a total transaction of $3,243,740.77. Following the completion of the sale, the chief executive officer owned 102,474 shares in the company, valued at $45,665,488.62. This represents a 6.63% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 165,683 shares of company stock valued at $61,921,142 and have sold 309,019 shares valued at $112,705,072. Company insiders own 21.50% of the company's stock.

Madrigal Pharmaceuticals Stock Up 0.3%

Shares of NASDAQ:MDGL traded up $1.21 during trading on Tuesday, reaching $426.81. 64,950 shares of the stock traded hands, compared to its average volume of 376,361. Madrigal Pharmaceuticals, Inc. has a 52-week low of $200.63 and a 52-week high of $457.16. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11. The stock has a 50-day moving average of $366.84 and a two-hundred day moving average of $327.24. The stock has a market cap of $9.48 billion, a P/E ratio of -33.27 and a beta of -1.02.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MDGL shares. Cowen restated a "buy" rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 26th. JMP Securities boosted their price objective on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the company a "market outperform" rating in a research report on Wednesday, August 20th. HC Wainwright started coverage on shares of Madrigal Pharmaceuticals in a research report on Thursday, September 4th. They issued a "buy" rating and a $500.00 price objective on the stock. UBS Group restated a "buy" rating and issued a $523.00 price objective (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 12th. Finally, Canaccord Genuity Group boosted their price objective on shares of Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the company a "buy" rating in a research report on Friday. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $483.38.

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.