Wealth Enhancement Advisory Services LLC Acquires New Shares in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Wealth Enhancement Advisory Services LLC acquired 701 shares of Madrigal Pharmaceuticals, valued at approximately $210,000, in Q2 2023.
• Insider trading activity included a director purchasing nearly 60,000 shares at an average price of $385.16 per share, while the CEO sold over 7,200 shares at $445.63.
• Madrigal Pharmaceuticals reported significant revenue growth of 1357.5% year-over-year in its latest earnings, with a quarterly revenue of $212.8 million.

Wealth Enhancement Advisory Services LLC acquired a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 701 shares of the biopharmaceutical company's stock, valued at approximately $210,000.

Several other hedge funds have also recently bought and sold shares of the company. VSM Wealth Advisory LLC purchased a new position in Madrigal Pharmaceuticals during the first quarter worth $25,000. Accent Capital Management LLC purchased a new stake in shares of Madrigal Pharmaceuticals in the first quarter valued at $25,000. Summit Securities Group LLC purchased a new stake in shares of Madrigal Pharmaceuticals in the first quarter valued at $33,000. Farther Finance Advisors LLC grew its position in shares of Madrigal Pharmaceuticals by 825.0% in the first quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company's stock valued at $36,000 after purchasing an additional 99 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Madrigal Pharmaceuticals by 131.4% in the first 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 period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Bros. Advisors Lp Baker bought 59,901 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were acquired at an average cost of $385.16 per share, with a total value of $23,071,469.16. Following the completion of the transaction, the director owned 1,947,968 shares in the company, valued at $750,279,354.88. The trade was a 3.17% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William John Sibold sold 7,279 shares of Madrigal Pharmaceuticals stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $445.63, for a total value of $3,243,740.77. Following the sale, the chief executive officer directly owned 102,474 shares in the company, valued at approximately $45,665,488.62. The trade was a 6.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders bought 165,683 shares of company stock valued at $61,921,142 and sold 309,019 shares valued at $112,705,072. 21.50% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on MDGL. UBS Group reaffirmed a "buy" rating and issued a $523.00 price objective (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 12th. B. Riley lifted their price objective on Madrigal Pharmaceuticals from $460.00 to $560.00 and gave the company a "buy" rating in a research report on Monday, September 29th. Canaccord Genuity Group lifted their price objective on Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the company a "buy" rating in a research report on Friday, September 12th. TD Cowen lifted their price objective on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Madrigal Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $525.88.

Madrigal Pharmaceuticals Trading Up 0.3%

Shares of MDGL opened at $429.60 on Friday. The stock's 50-day moving average is $414.50 and its two-hundred day moving average is $340.70. The stock has a market cap of $9.54 billion, a PE ratio of -33.43 and a beta of -1.02. Madrigal Pharmaceuticals, Inc. has a 12 month low of $200.63 and a 12 month high of $463.63. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.11 and a quick ratio of 4.78.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) EPS for the quarter, topping analysts' consensus estimates of ($3.48) by $1.58. The company had revenue of $212.80 million for the quarter, compared to analysts' expectations of $158.94 million. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%.The firm's quarterly revenue was up 1357.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($7.10) earnings per share. Equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

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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