Quarry LP Purchases Shares of 700 Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Quarry LP has invested approximately $232,000 in Madrigal Pharmaceuticals by purchasing 700 shares during the first quarter of 2023.
• The company is currently experiencing significant interest from institutional investors, with 98.50% of its stock owned by them.
• Madrigal reported a significant quarterly revenue increase of 1357.5% year-over-year, alongside a noteworthy EPS beat, surpassing analysts' expectations.

Quarry LP acquired a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 700 shares of the biopharmaceutical company's stock, valued at approximately $232,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Nomura Holdings Inc. lifted its position in Madrigal Pharmaceuticals by 176.9% in the first quarter. Nomura Holdings Inc. now owns 1,692 shares of the biopharmaceutical company's stock valued at $560,000 after purchasing an additional 3,892 shares during the period. Landscape Capital Management L.L.C. lifted its position in Madrigal Pharmaceuticals by 85.1% in the first quarter. Landscape Capital Management L.L.C. now owns 6,707 shares of the biopharmaceutical company's stock valued at $2,222,000 after purchasing an additional 3,083 shares during the period. Comerica Bank increased its holdings in Madrigal Pharmaceuticals by 12.0% in the first quarter. Comerica Bank now owns 783 shares of the biopharmaceutical company's stock valued at $259,000 after buying an additional 84 shares in the last quarter. University of Wisconsin Foundation increased its holdings in Madrigal Pharmaceuticals by 16.5% in the first quarter. University of Wisconsin Foundation now owns 48,376 shares of the biopharmaceutical company's stock valued at $16,024,000 after buying an additional 6,835 shares in the last quarter. Finally, Candriam S.C.A. purchased a new position in Madrigal Pharmaceuticals in the first quarter valued at about $7,079,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on MDGL. UBS Group reaffirmed a "buy" rating and issued a $523.00 target price (up from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. Cowen reaffirmed a "buy" rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 26th. TD Cowen raised their price objective on shares of Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. JMP Securities raised their price objective on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a "market outperform" rating in a research note on Wednesday, August 20th. Finally, HC Wainwright initiated coverage on shares of Madrigal Pharmaceuticals in a research note on Thursday. They set a "buy" rating and a $500.00 price objective for the company. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $471.13.

Insider Activity

In related news, CEO William John Sibold sold 7,616 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $400.18, for a total transaction of $3,047,770.88. Following the sale, the chief executive officer owned 109,753 shares in the company, valued at approximately $43,920,955.54. This trade represents a 6.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul A. Friedman sold 129,172 shares of Madrigal Pharmaceuticals stock in a transaction on 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 transaction, the director owned 187,164 shares in the company, valued at approximately $69,295,599.36. This trade represents a 40.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 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 Trading Up 0.4%

NASDAQ MDGL traded up $1.68 during mid-day trading on Friday, reaching $432.89. 281,201 shares of the stock were exchanged, compared to its average volume of 394,410. Madrigal Pharmaceuticals, Inc. has a 1-year low of $200.63 and a 1-year high of $443.00. The business's fifty day simple moving average is $350.02 and its 200 day simple moving average is $323.18. The stock has a market capitalization of $9.61 billion, a PE ratio of -33.69 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.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.48) by $1.58. Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. The firm had revenue of $212.80 million for the quarter, compared to analyst estimates of $158.94 million. During the same quarter last year, the business earned ($7.10) earnings per share. Madrigal Pharmaceuticals's revenue was up 1357.5% compared to the same quarter last year. On average, research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

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.