Skandinaviska Enskilda Banken AB publ Cuts Holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its stake in Madrigal Pharmaceuticals by 49.0% in the first quarter, now owning 3,978 shares worth approximately $1.32 million.
• Madrigal Pharmaceuticals' stock received multiple upgrades from analysts, with price targets ranging from $420.00 to $460.00 and a consensus rating of "Moderate Buy".
• Madrigal Pharmaceuticals reported a quarterly earnings per share of ($3.32), exceeding analysts' expectations of ($3.62), while achieving revenues of $137.25 million compared to expected $112.79 million.

Skandinaviska Enskilda Banken AB publ reduced its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 49.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,978 shares of the biopharmaceutical company's stock after selling 3,820 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Madrigal Pharmaceuticals were worth $1,320,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. VSM Wealth Advisory LLC bought a new position in shares of Madrigal Pharmaceuticals in the 1st quarter valued at about $25,000. Farther Finance Advisors LLC boosted its stake in Madrigal Pharmaceuticals by 825.0% during the 1st quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company's stock worth $36,000 after acquiring an additional 99 shares during the last quarter. GAMMA Investing LLC boosted its stake in Madrigal Pharmaceuticals by 131.4% during the 1st quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock worth $39,000 after acquiring an additional 67 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in Madrigal Pharmaceuticals by 38.9% during the 1st quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company's stock worth $52,000 after acquiring an additional 44 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in Madrigal Pharmaceuticals by 42.7% during the 1st quarter. Parallel Advisors LLC now owns 284 shares of the biopharmaceutical company's stock worth $94,000 after acquiring an additional 85 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MDGL. B. Riley restated a "buy" rating and set a $460.00 target price (up from $422.00) on shares of Madrigal Pharmaceuticals in a report on Friday, May 2nd. Wall Street Zen upgraded shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday, May 5th. JMP Securities reiterated a "market outperform" rating and issued a $443.00 price objective on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. UBS Group lifted their price objective on shares of Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Finally, Canaccord Genuity Group lifted their price objective on shares of Madrigal Pharmaceuticals from $394.00 to $420.00 and gave the company 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 issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $420.63.

Madrigal Pharmaceuticals Trading Down 0.1%

Madrigal Pharmaceuticals stock traded down $0.34 during mid-day trading on Friday, hitting $302.17. The company's stock had a trading volume of 236,785 shares, compared to its average volume of 370,383. Madrigal Pharmaceuticals, Inc. has a one year low of $200.63 and a one year high of $377.46. The company has a debt-to-equity ratio of 0.17, a quick ratio of 5.58 and a current ratio of 5.91. The company has a 50 day moving average of $294.56 and a 200-day moving average of $311.29. The stock has a market cap of $6.71 billion, a PE ratio of -16.74 and a beta of -1.05.

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

Insider Buying and Selling

In other news, Director Paul A. Friedman sold 1,400 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $350.03, for a total value of $490,042.00. Following the sale, the director directly owned 187,164 shares of the company's stock, valued at $65,513,014.92. The trade was a 0.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Rebecca Taub sold 1,000 shares of the business's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $350.00, for a total value of $350,000.00. Following the transaction, the director directly owned 461,044 shares in the company, valued at $161,365,400. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,377 shares of company stock valued at $21,316,969 over the last 90 days. Company 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.