Price T Rowe Associates Inc. MD Has $179.74 Million Stake in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Price T Rowe Associates Inc. MD has reduced its stake in Madrigal Pharmaceuticals by 7.8%, now holding approximately 542,633 shares valued at $179.7 million.
• Madrigal Pharmaceuticals reported a 1357.5% increase in quarterly revenue year-over-year, reaching $212.8 million, and exceeded EPS estimates by $1.58.
• Analysts have a consensus rating of "Moderate Buy" for Madrigal Pharmaceuticals, with a target price of $445.71, as several firms have recently increased their price targets significantly.

Price T Rowe Associates Inc. MD reduced its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 7.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 542,633 shares of the biopharmaceutical company's stock after selling 46,131 shares during the period. Price T Rowe Associates Inc. MD owned 2.44% of Madrigal Pharmaceuticals worth $179,737,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. VSM Wealth Advisory LLC purchased a new position in Madrigal Pharmaceuticals in the first quarter valued at about $25,000. Accent Capital Management LLC acquired a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter valued at about $25,000. Summit Securities Group LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter valued at approximately $33,000. Farther Finance Advisors LLC increased its holdings in Madrigal Pharmaceuticals by 825.0% in the first quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company's stock worth $36,000 after buying an additional 99 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Madrigal Pharmaceuticals by 131.4% during the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock valued at $39,000 after acquiring an additional 67 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Stock Performance

NASDAQ:MDGL traded up $0.68 during mid-day trading on Friday, hitting $437.85. 304,210 shares of the company's stock traded hands, compared to its average volume of 456,525. The firm has a market capitalization of $9.72 billion, a price-to-earnings ratio of -34.07 and a beta of -1.02. The firm has a 50 day moving average of $335.47 and a two-hundred day moving average of $319.81. 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 12 month low of $200.63 and a 12 month 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) EPS for the quarter, topping the consensus estimate of ($3.48) by $1.58. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%.The company had revenue of $212.80 million for the quarter, compared to the consensus estimate of $158.94 million. During the same period in the previous year, the business posted ($7.10) EPS. The company's revenue for the quarter was up 1357.5% on a year-over-year basis. On average, equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on MDGL. Cowen reissued a "buy" rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday. TD Cowen upped their price objective on shares of Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the stock a "buy" rating in a report on Tuesday. Wall Street Zen raised shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, May 5th. JMP Securities raised their target price on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the company a "market outperform" rating in a report on Wednesday, August 20th. Finally, Canaccord Genuity Group upped their price target on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $459.25.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, Director Rebecca Taub sold 43,263 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $355.69, for a total transaction of $15,388,216.47. Following the completion of the transaction, the director owned 461,044 shares of the company's stock, valued at approximately $163,988,740.36. This represents a 8.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul A. Friedman sold 129,172 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $370.24, for a total transaction of $47,824,641.28. Following the completion of the sale, the director owned 187,164 shares of the company's stock, valued at approximately $69,295,599.36. The trade was a 40.83% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have purchased 165,683 shares of company stock valued at $61,921,142 and have sold 301,740 shares valued at $109,461,331. 21.50% of the stock is owned by insiders.

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.