Renaissance Technologies LLC Reduces Position in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Renaissance Technologies reduced its Madrigal Pharmaceuticals stake by 14.3% in the first quarter, selling 11,992 shares and retaining 71,870 shares valued at approximately $37.6 million. Institutional investors collectively own 98.5% of MDGL.
• Madrigal reported better-than-expected quarterly results, with an adjusted loss of $3.25 per share versus the $3.61 consensus estimate and revenue of $311.34 million, up 126.8% year over year.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $687.73, compared with the stock’s reported price of $551.25. However, insiders sold 7,568 shares worth about $3.88 million during the quarter.

Renaissance Technologies LLC decreased its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 14.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 71,870 shares of the biopharmaceutical company's stock after selling 11,992 shares during the period. Renaissance Technologies LLC owned approximately 0.31% of Madrigal Pharmaceuticals worth $37,622,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of MDGL. Flagship Harbor Advisors LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 4th quarter valued at about $29,000. Quarry LP acquired a new stake in Madrigal Pharmaceuticals during the third quarter worth about $39,000. Kemnay Advisory Services Inc. acquired a new stake in Madrigal Pharmaceuticals during the fourth quarter worth about $39,000. Johnson Financial Group Inc. purchased a new position in Madrigal Pharmaceuticals during the third quarter worth about $50,000. Finally, Eastern Bank raised its stake in Madrigal Pharmaceuticals by 32.3% during the fourth quarter. Eastern Bank now owns 86 shares of the biopharmaceutical company's stock worth $50,000 after purchasing an additional 21 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Trading Up 1.2%

Shares of MDGL stock opened at $551.25 on Tuesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.50 and a quick ratio of 3.16. The firm has a market cap of $12.71 billion, a PE ratio of -43.07 and a beta of -1.05. The company has a 50-day moving average of $516.68 and a two-hundred day moving average of $499.64. Madrigal Pharmaceuticals, Inc. has a 1-year low of $286.44 and a 1-year high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, beating analysts' consensus estimates of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The business had revenue of $311.34 million during the quarter, compared to analysts' expectations of $301.05 million. During the same period last year, the business earned ($3.32) earnings per share. The business's revenue for the quarter was up 126.8% on a year-over-year basis. On average, analysts predict that Madrigal Pharmaceuticals, Inc. will post -7.45 EPS for the current year.

Analysts Set New Price Targets

MDGL has been the topic of several recent analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. Wells Fargo & Company began coverage on shares of Madrigal Pharmaceuticals in a research report on Monday. They set an "overweight" rating and a $685.00 price target on the stock. Truist Financial upped their price objective on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a "buy" rating in a report on Wednesday, May 13th. Citigroup reiterated an "outperform" rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. Finally, Canaccord Genuity Group cut their target price on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $687.73.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Richard S. Levy sold 5,682 shares of the company's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $515.44, for a total transaction of $2,928,730.08. Following the transaction, the director directly owned 22,015 shares in the company, valued at $11,347,411.60. This represents a 20.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the firm's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $495.74, for a total value of $516,561.08. Following the transaction, the insider owned 10,033 shares of the company's stock, valued at approximately $4,973,759.42. This represents a 9.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 7,568 shares of company stock valued at $3,880,711 in the last quarter. 17.60% of the stock is owned by 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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