Tri Locum Partners LP Sells 9,603 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Tri Locum Partners LP reduced its stake in Madrigal Pharmaceuticals by 20.2%, now owning approximately 37,869 shares valued at $12.5 million, which is 6.4% of its portfolio.
• Madrigal Pharmaceuticals reported a significant quarterly revenue increase of 1357.5% year-over-year, reaching $212.80 million, while also surpassing earnings per share estimates.
• Multiple institutional investors, such as Woodline Partners LP and Lord Abbett & CO. LLC, have increased their holdings in Madrigal Pharmaceuticals, reflecting a strong interest in the biopharmaceutical company.

Tri Locum Partners LP decreased its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 20.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 37,869 shares of the biopharmaceutical company's stock after selling 9,603 shares during the period. Madrigal Pharmaceuticals accounts for about 6.4% of Tri Locum Partners LP's investment portfolio, making the stock its 6th biggest position. Tri Locum Partners LP owned approximately 0.17% of Madrigal Pharmaceuticals worth $12,543,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. CANADA LIFE ASSURANCE Co boosted its stake in shares of Madrigal Pharmaceuticals by 81.1% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 2,334 shares of the biopharmaceutical company's stock valued at $719,000 after purchasing an additional 1,045 shares in the last quarter. First Trust Advisors LP lifted its holdings in Madrigal Pharmaceuticals by 50.8% during the fourth quarter. First Trust Advisors LP now owns 4,014 shares of the biopharmaceutical company's stock worth $1,239,000 after buying an additional 1,352 shares during the period. Hsbc Holdings PLC lifted its holdings in Madrigal Pharmaceuticals by 32.7% during the fourth quarter. Hsbc Holdings PLC now owns 2,091 shares of the biopharmaceutical company's stock worth $643,000 after buying an additional 515 shares during the period. Tudor Investment Corp ET AL lifted its holdings in Madrigal Pharmaceuticals by 837.6% during the fourth quarter. Tudor Investment Corp ET AL now owns 10,327 shares of the biopharmaceutical company's stock worth $3,187,000 after buying an additional 11,727 shares during the period. Finally, Northern Trust Corp lifted its holdings in Madrigal Pharmaceuticals by 5.5% during the fourth quarter. Northern Trust Corp now owns 155,883 shares of the biopharmaceutical company's stock worth $48,101,000 after buying an additional 8,111 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Madrigal Pharmaceuticals Stock Up 0.2%

Shares of MDGL stock traded up $0.68 during trading hours on Friday, reaching $437.85. 304,210 shares of the company's stock were exchanged, compared to its average volume of 456,525. The stock's 50 day moving average is $335.47 and its 200-day moving average is $319.81. The company has a market cap of $9.72 billion, a price-to-earnings ratio of -34.07 and a beta of -1.02. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $200.63 and a fifty-two week high of $439.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.48) by $1.58. The business 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 business's quarterly revenue was up 1357.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($7.10) earnings per share. Analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Insider Transactions at Madrigal Pharmaceuticals

In other news, Director Bros. Advisors Lp Baker bought 68,618 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average cost of $364.04 per share, with a total value of $24,979,696.72. Following the transaction, the director directly owned 1,859,091 shares in the company, valued at approximately $676,783,487.64. The trade was a 3.83% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kenneth Bate sold 10,000 shares of the company's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $365.20, for a total value of $3,652,000.00. Following the completion of the transaction, the director directly owned 2,627 shares in the company, valued at approximately $959,380.40. The trade was a 79.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 165,683 shares of company stock worth $61,921,142 and sold 301,740 shares worth $109,461,331. Insiders own 21.50% of the company's stock.

Analysts Set New Price Targets

MDGL has been the subject of a number of analyst reports. TD Cowen upped their target price on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the stock a "buy" rating in a report on Tuesday. UBS Group restated a "buy" rating and set a $523.00 target price (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. JMP Securities upped their target price on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a "market outperform" rating in a report on Wednesday, August 20th. Cowen restated a "buy" rating on shares of Madrigal Pharmaceuticals in a report on Tuesday. Finally, Canaccord Genuity Group upped their target price on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $459.25.

About Madrigal Pharmaceuticals

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.