Northern Trust Corp Decreases Stock Holdings in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Northern Trust Corp has reduced its holdings in Madrigal Pharmaceuticals by 3.2%, owning 150,886 shares worth approximately $49.98 million following the sale of nearly 5,000 shares.
• Several asset management firms have also made changes to their stakes in Madrigal, with 98.5% of the stock held by hedge funds and institutional investors.
• Madrigal Pharmaceuticals reported a 1,357.5% year-over-year increase in revenue and surpassed earnings estimates, indicating strong financial performance amidst a challenging market.

Northern Trust Corp trimmed its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 150,886 shares of the biopharmaceutical company's stock after selling 4,997 shares during the quarter. Northern Trust Corp owned 0.68% of Madrigal Pharmaceuticals worth $49,978,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in MDGL. Mutual of America Capital Management LLC grew its position in shares of 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 worth $3,731,000 after buying an additional 31 shares during the period. First Horizon Advisors Inc. grew its position in Madrigal Pharmaceuticals by 38.9% during 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 during the last quarter. GAMMA Investing LLC grew its position in Madrigal Pharmaceuticals by 131.4% during 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 during the last quarter. Verity Asset Management Inc. lifted its stake in Madrigal Pharmaceuticals by 4.7% during the 1st quarter. Verity Asset Management Inc. now owns 1,560 shares of the biopharmaceutical company's stock valued at $517,000 after acquiring an additional 70 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its stake in Madrigal Pharmaceuticals by 6.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 1,203 shares of the biopharmaceutical company's stock valued at $398,000 after acquiring an additional 71 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL stock opened at $425.06 on Thursday. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $200.63 and a fifty-two week high of $437.06. The firm has a market capitalization of $9.44 billion, a price-to-earnings ratio of -33.08 and a beta of -1.02. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11. The stock's 50-day simple moving average is $329.34 and its 200-day simple moving average is $318.54.

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 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 analyst estimates of $158.94 million. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%.The company's revenue was up 1357.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($7.10) earnings per share. As a group, equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on MDGL shares. Canaccord Genuity Group raised their target price on shares of Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. JMP Securities raised their price target on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a "market outperform" rating in a research report on Wednesday, August 20th. TD Cowen raised their price target on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the stock a "buy" rating in a research report on Tuesday. B. Riley reiterated a "buy" rating and set a $460.00 target price (up from $422.00) on shares of Madrigal Pharmaceuticals in a research report on Friday, May 2nd. Finally, UBS Group restated a "buy" rating and issued a $523.00 price objective (up from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Madrigal Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $459.25.

Insider Buying and Selling

In other news, CEO William John Sibold sold 7,616 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $400.18, for a total transaction of $3,047,770.88. Following the completion of the transaction, the chief executive officer directly owned 109,753 shares of the company's stock, valued at $43,920,955.54. This represents a 6.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Paul A. Friedman sold 129,172 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $370.24, for a total value of $47,824,641.28. Following the transaction, the director directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders acquired 165,683 shares of company stock valued at $61,921,142 and sold 301,740 shares valued at $109,461,331. Insiders own 21.50% of the company's stock.

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.

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