Madrigal Pharmaceuticals, Inc. $MDGL Shares Sold by Algert Global LLC

Key Points

• Algert Global cut its Madrigal Pharmaceuticals stake by 60.8% in the second quarter, selling 4,960 shares and retaining 3,200 shares valued at approximately $1.72 million. Institutional investors and hedge funds collectively own 98.5% of MDGL.
• Company insiders also sold shares, including transactions by an insider and the general counsel totaling roughly $858,500. Insiders retain a 17.6% ownership stake, with one sale designated to cover tax withholding on vested equity awards.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $699.64. MDGL recently traded at $533.76, while quarterly revenue rose 71.2% year over year and adjusted losses were narrower than analysts expected.

Algert Global LLC cut its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 60.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,200 shares of the biopharmaceutical company's stock after selling 4,960 shares during the period. Algert Global LLC's holdings in Madrigal Pharmaceuticals were worth $1,718,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Centaurus Financial Inc. grew its position in Madrigal Pharmaceuticals by 5.0% during the third quarter. Centaurus Financial Inc. now owns 709 shares of the biopharmaceutical company's stock valued at $325,000 after acquiring an additional 34 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Madrigal Pharmaceuticals by 34.6% in the 4th quarter. Farther Finance Advisors LLC now owns 140 shares of the biopharmaceutical company's stock valued at $82,000 after purchasing an additional 36 shares in the last quarter. Accent Capital Management LLC grew its holdings in shares of Madrigal Pharmaceuticals by 64.9% during the 4th quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company's stock worth $55,000 after purchasing an additional 37 shares during the period. Swiss Life Asset Management Ltd grew its holdings in shares of Madrigal Pharmaceuticals by 6.8% during the 4th quarter. Swiss Life Asset Management Ltd now owns 690 shares of the biopharmaceutical company's stock worth $402,000 after purchasing an additional 44 shares during the period. Finally, GAMMA Investing LLC increased its position in Madrigal Pharmaceuticals by 35.4% during the 2nd quarter. GAMMA Investing LLC now owns 172 shares of the biopharmaceutical company's stock worth $92,000 after purchasing an additional 45 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, insider David Soergel sold 1,042 shares of the firm's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $495.74, for a total transaction of $516,561.08. Following the completion of the sale, the insider directly owned 10,033 shares in the company, valued at $4,973,759.42. This trade represents a 9.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Shannon T. Kelley sold 664 shares of Madrigal Pharmaceuticals stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $514.97, for a total value of $341,940.08. Following the sale, the general counsel directly owned 11,474 shares in the company, valued at approximately $5,908,765.78. The trade was a 5.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 17.60% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on MDGL. HC Wainwright restated a "buy" rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 31st. Wolfe Research upgraded shares of Madrigal Pharmaceuticals from a "peer perform" rating to an "outperform" rating and set a $605.00 price objective for the company in a research note on Tuesday, August 4th. Canaccord Genuity Group increased their price objective 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. UBS Group reissued a "buy" rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 31st. Finally, Piper Sandler restated an "overweight" rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, June 24th. Fifteen 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $699.64.

Madrigal Pharmaceuticals Trading Down 1.8%

MDGL opened at $533.76 on Friday. The firm has a market capitalization of $12.33 billion, a P/E ratio of -41.41 and a beta of -1.01. The firm's 50 day moving average is $526.96 and its 200-day moving average is $502.76. Madrigal Pharmaceuticals, Inc. has a 52-week low of $393.61 and a 52-week high of $615.00. 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 (NASDAQ:MDGL - Get Free Report) last posted its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) EPS for the quarter, topping analysts' consensus estimates of ($2.68) by $0.69. The business had revenue of $364.25 million for the quarter, compared to analysts' expectations of $352.13 million. Madrigal Pharmaceuticals had a negative net margin of 25.32% and a negative return on equity of 56.65%. The business's revenue for the quarter was up 71.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.90) earnings per share. Analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current fiscal year.

Madrigal Pharmaceuticals 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.

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