Assetmark Inc. Buys 1,003 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Key Points

• Assetmark Inc. raised its holdings in Madrigal Pharmaceuticals by 24% in the first quarter, now owning 5,183 shares valued at approximately $1.7 million.
• Madrigal Pharmaceuticals reported a revenue of $137.25 million for the recent quarter, exceeding analyst estimates significantly, and beat earnings expectations by posting a loss of ($3.32) EPS.
• Analysts have a strong consensus on the stock, with an average rating of "Moderate Buy" and a target price of approximately $420.63, indicating confidence in future growth.

Assetmark Inc. grew its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 24.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,183 shares of the biopharmaceutical company's stock after buying an additional 1,003 shares during the period. Assetmark Inc.'s holdings in Madrigal Pharmaceuticals were worth $1,717,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in MDGL. Mutual of America Capital Management LLC boosted its position in Madrigal Pharmaceuticals by 0.3% in the 1st quarter. Mutual of America Capital Management LLC now owns 11,263 shares of the biopharmaceutical company's stock valued at $3,731,000 after buying an additional 31 shares during the period. Pitcairn Co. raised its holdings in shares of Madrigal Pharmaceuticals by 3.2% in the 4th quarter. Pitcairn Co. now owns 1,060 shares of the biopharmaceutical company's stock valued at $327,000 after purchasing an additional 33 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in shares of Madrigal Pharmaceuticals by 38.9% in the 1st quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company's stock valued at $52,000 after purchasing an additional 44 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Madrigal Pharmaceuticals by 131.4% in the 1st quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock valued at $39,000 after purchasing an additional 67 shares in the last quarter. Finally, Verity Asset Management Inc. raised its holdings in shares of Madrigal Pharmaceuticals by 4.7% in the 1st quarter. Verity Asset Management Inc. now owns 1,560 shares of the biopharmaceutical company's stock valued at $517,000 after purchasing an additional 70 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Insiders Place Their Bets

In related news, Director Rebecca Taub sold 26,444 shares of Madrigal Pharmaceuticals stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $353.47, for a total value of $9,347,160.68. Following the completion of the transaction, the director directly owned 461,044 shares of the company's stock, valued at $162,965,222.68. The trade was a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Paul A. Friedman sold 26,176 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $353.47, for a total value of $9,252,430.72. Following the sale, the director directly owned 187,164 shares of the company's stock, valued at $66,156,859.08. This represents a 12.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,377 shares of company stock valued at $21,316,969. Company insiders own 21.50% of the company's stock.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ:MDGL traded down $0.34 during trading hours on Friday, hitting $302.17. 236,785 shares of the company's stock traded hands, compared to its average volume of 359,418. Madrigal Pharmaceuticals, Inc. has a 52 week low of $200.63 and a 52 week high of $377.46. The company's fifty day simple moving average is $295.25 and its two-hundred day simple moving average is $311.48. The company has a market cap of $6.71 billion, a price-to-earnings ratio of -16.74 and a beta of -1.02. The company has a debt-to-equity ratio of 0.17, a quick ratio of 5.58 and a current ratio of 5.91.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The biopharmaceutical company reported ($3.32) earnings per share for the quarter, beating the consensus estimate of ($3.62) by $0.30. Madrigal Pharmaceuticals had a negative net margin of 123.38% and a negative return on equity of 50.54%. The firm had revenue of $137.25 million for the quarter, compared to analyst estimates of $112.79 million. During the same quarter last year, the firm earned ($7.38) earnings per share. As a group, equities analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. UBS Group lifted their price target on shares of Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. B. Riley reiterated a "buy" rating and set a $460.00 price target (up from $422.00) on shares of Madrigal Pharmaceuticals in a research note on Friday, May 2nd. Wall Street Zen upgraded shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Monday, May 5th. JMP Securities reiterated a "market outperform" rating and set a $443.00 price target on shares of Madrigal Pharmaceuticals in a research note on Thursday, April 24th. Finally, Canaccord Genuity Group lifted their price target on shares of Madrigal Pharmaceuticals from $394.00 to $420.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $420.63.

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.