Woodline Partners LP Increases Stock Position in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Woodline Partners LP increased its stake in Madrigal Pharmaceuticals by 2.7% in Q1, owning 317,433 shares valued at approximately $105.1 million, making it the fund's 15th largest position.
• Madrigal Pharmaceuticals reported a quarterly revenue of $212.8 million, significantly outperforming analysts' expectations of $158.94 million, and beat EPS estimates by $1.58.
• Over 98% of Madrigal's stock is owned by institutional investors and hedge funds, with a notable recent insider purchase of 68,618 shares by Director Bros. Advisors Lp Baker worth nearly $25 million.

Woodline Partners LP raised its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 317,433 shares of the biopharmaceutical company's stock after buying an additional 8,316 shares during the quarter. Madrigal Pharmaceuticals accounts for 0.7% of Woodline Partners LP's investment portfolio, making the stock its 15th largest holding. Woodline Partners LP owned about 1.43% of Madrigal Pharmaceuticals worth $105,143,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Cutter Capital Management LP bought a new position in shares of Madrigal Pharmaceuticals during the 1st quarter worth about $7,950,000. Allostery Investments LP acquired a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter valued at about $199,000. Adage Capital Partners GP L.L.C. grew its stake in shares of Madrigal Pharmaceuticals by 860.0% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 191,609 shares of the biopharmaceutical company's stock valued at $63,467,000 after buying an additional 171,649 shares during the period. ADAR1 Capital Management LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter valued at about $494,000. Finally, MPM Bioimpact LLC acquired a new stake in Madrigal Pharmaceuticals in the first quarter valued at approximately $33,260,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ MDGL traded down $7.23 during midday trading on Friday, reaching $432.22. The company's stock had a trading volume of 190,643 shares, compared to its average volume of 378,813. Madrigal Pharmaceuticals, Inc. has a 12-month low of $200.63 and a 12-month high of $457.16. The firm has a 50 day moving average price of $361.44 and a 200-day moving average price of $326.07. The stock has a market capitalization of $9.60 billion, a P/E ratio of -33.64 and a beta of -1.02. 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 announced its earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share for the quarter, topping analysts' consensus estimates of ($3.48) by $1.58. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%.The firm had revenue of $212.80 million for the quarter, compared to the consensus estimate of $158.94 million. During the same quarter in the previous year, the business earned ($7.10) EPS. The company's revenue was up 1357.5% compared to the same quarter last year. As a group, equities analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Insider Transactions at Madrigal Pharmaceuticals

In other news, Director Paul A. Friedman sold 129,172 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $370.24, for a total value of $47,824,641.28. Following the transaction, the director owned 187,164 shares in the company, valued at $69,295,599.36. The trade was a 40.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rebecca Taub sold 43,263 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $355.69, for a total transaction of $15,388,216.47. Following the sale, the director owned 461,044 shares of the company's stock, valued at approximately $163,988,740.36. The trade was a 8.58% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have bought 165,683 shares of company stock worth $61,921,142 and have sold 309,019 shares worth $112,705,072. 21.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Canaccord Genuity Group raised their price objective on Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the company a "buy" rating in a research note on Friday. Cowen reissued a "buy" rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 26th. TD Cowen increased their price objective on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. UBS Group reissued a "buy" rating and issued a $523.00 price objective (up from $458.00) on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 12th. Finally, JMP Securities increased their price objective on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a "market outperform" rating in a research note on Wednesday, August 20th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $483.38.

Madrigal Pharmaceuticals Company 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.