Public Employees Retirement System of Ohio Invests $2.74 Million in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Public Employees Retirement System of Ohio bought 5,105 Madrigal Pharmaceuticals shares worth approximately $2.74 million in the second quarter. Institutional investors and hedge funds collectively own 98.5% of MDGL.
• Analysts maintain a generally positive outlook, with 15 Buy ratings, two Holds, and one Sell; the stock has a Moderate Buy consensus and an average price target of $699.64.
• Madrigal reported quarterly revenue of $364.25 million, up 71.2% year over year, and an adjusted loss of $1.99 per share that beat expectations. Shares recently opened at $541.08, while the company remains unprofitable and analysts expect a full-year loss of $7.03 per share.

Public Employees Retirement System of Ohio bought a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,105 shares of the biopharmaceutical company's stock, valued at approximately $2,741,000.

Several other large investors have also added to or reduced their stakes in MDGL. Persistent Asset Partners Ltd acquired a new position in Madrigal Pharmaceuticals in the second quarter valued at approximately $29,000. Global Retirement Partners LLC acquired a new stake in shares of Madrigal Pharmaceuticals during the 2nd quarter worth approximately $34,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Madrigal Pharmaceuticals during the 4th quarter worth approximately $39,000. Quarry LP bought a new stake in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at $39,000. Finally, Johnson Financial Group Inc. bought a new stake in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at $50,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on MDGL. HC Wainwright reissued a "buy" rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 31st. Barclays dropped their price objective on shares of Madrigal Pharmaceuticals from $964.00 to $962.00 and set an "overweight" rating on the stock in a report on Monday, August 3rd. Canaccord Genuity Group increased their price objective on shares of Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Truist Financial raised their target price on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a "buy" rating in a research note on Wednesday, May 13th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. Fifteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $699.64.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL opened at $541.08 on Friday. The business's fifty day moving average is $529.90 and its 200 day moving average is $505.01. Madrigal Pharmaceuticals, Inc. has a 12-month low of $393.61 and a 12-month high of $615.00. The company has a quick ratio of 2.94, a current ratio of 3.20 and a debt-to-equity ratio of 0.65. The stock has a market cap of $12.50 billion, a P/E ratio of -41.98 and a beta of -0.98.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) EPS for the quarter, beating analysts' consensus estimates of ($2.68) by $0.69. Madrigal Pharmaceuticals had a negative net margin of 25.32% and a negative return on equity of 56.65%. The business had revenue of $364.25 million during the quarter, compared to analyst estimates of $352.13 million. During the same quarter in the previous year, the business posted ($1.90) EPS. Madrigal Pharmaceuticals's quarterly revenue was up 71.2% on a year-over-year basis. Sell-side analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -7.03 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Shannon Kelley sold 664 shares of the business's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $514.97, for a total transaction of $341,940.08. Following the completion of the sale, the general counsel directly owned 11,474 shares of the company's stock, valued at $5,908,765.78. The trade was a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 17.60% of the stock is owned by corporate insiders.

Madrigal Pharmaceuticals Profile

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company's pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-β agonist in Phase 3 development for the treatment of NASH.

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