Assetmark Inc. Has $1.72 Million Position in 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. lifted 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 filing with the Securities and Exchange Commission. The institutional investor owned 5,183 shares of the biopharmaceutical company's stock after acquiring an additional 1,003 shares during the quarter. Assetmark Inc.'s holdings in Madrigal Pharmaceuticals were worth $1,717,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in MDGL. LPL Financial LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 10.1% in the 4th quarter. LPL Financial LLC now owns 5,220 shares of the biopharmaceutical company's stock worth $1,611,000 after purchasing an additional 480 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of Madrigal Pharmaceuticals by 166.2% in the 4th quarter. Prudential Financial Inc. now owns 3,655 shares of the biopharmaceutical company's stock worth $1,128,000 after purchasing an additional 2,282 shares during the last quarter. Norges Bank bought a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter worth approximately $35,514,000. Franklin Resources Inc. raised its stake in Madrigal Pharmaceuticals by 340.1% during the 4th quarter. Franklin Resources Inc. now owns 6,087 shares of the biopharmaceutical company's stock valued at $1,878,000 after acquiring an additional 4,704 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Madrigal Pharmaceuticals by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 410,578 shares of the biopharmaceutical company's stock valued at $126,719,000 after acquiring an additional 4,923 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Madrigal Pharmaceuticals Stock Up 4.7%

MDGL stock traded up $14.26 during trading hours on Monday, reaching $316.43. 226,815 shares of the stock were exchanged, compared to its average volume of 368,918. The firm's 50-day moving average is $295.25 and its 200-day moving average is $312.01. The company has a market cap of $7.02 billion, a price-to-earnings ratio of -17.47 and a beta of -1.02. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.91 and a quick ratio of 5.58. Madrigal Pharmaceuticals, Inc. has a 12 month low of $200.63 and a 12 month high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its earnings results on Thursday, May 1st. The biopharmaceutical company reported ($3.32) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.62) by $0.30. The firm had revenue of $137.25 million during the quarter, compared to analysts' expectations of $112.79 million. Madrigal Pharmaceuticals had a negative return on equity of 50.54% and a negative net margin of 123.38%. During the same quarter in the prior year, the company earned ($7.38) EPS. On average, equities research analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, Director Paul A. Friedman sold 26,176 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $353.47, for a total value of $9,252,430.72. Following the completion of the sale, the director directly owned 187,164 shares in the company, valued at approximately $66,156,859.08. This trade represents a 12.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Rebecca Taub sold 26,444 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $353.47, for a total transaction of $9,347,160.68. Following the completion of the sale, the director owned 461,044 shares of the company's stock, valued at $162,965,222.68. This trade represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,377 shares of company stock valued at $21,316,969 in the last 90 days. 21.50% of the stock is owned by corporate 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.