Woodline Partners LP Raises Holdings 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 position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (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 comprises about 0.7% of Woodline Partners LP's holdings, making the stock its 15th largest position. Woodline Partners LP owned about 1.43% of Madrigal Pharmaceuticals worth $105,143,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Cutter Capital Management LP bought a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter valued at $7,950,000. Allostery Investments LP bought a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter valued at $199,000. Adage Capital Partners GP L.L.C. raised its stake in shares of Madrigal Pharmaceuticals by 860.0% during 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 purchasing an additional 171,649 shares during the period. ADAR1 Capital Management LLC bought a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter valued at $494,000. Finally, MPM Bioimpact LLC bought a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter valued at $33,260,000. 98.50% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Madrigal Pharmaceuticals

In other news, Director Kenneth Bate sold 10,000 shares of the company's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $365.20, for a total value of $3,652,000.00. Following the completion of the transaction, the director directly owned 2,627 shares in the company, valued at approximately $959,380.40. This represents a 79.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rebecca Taub sold 43,263 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $355.69, for a total value of $15,388,216.47. Following the completion of the transaction, the director owned 461,044 shares of the company's stock, valued at $163,988,740.36. The trade was a 8.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders bought 165,683 shares of company stock worth $61,921,142 and sold 309,019 shares worth $112,705,072. 21.50% of the stock is owned by company insiders.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL traded down $7.23 during midday trading on Friday, reaching $432.22. The stock had a trading volume of 190,643 shares, compared to its average volume of 374,030. The company's 50-day moving average is $364.11 and its 200 day moving average is $326.71. Madrigal Pharmaceuticals, Inc. has a 12-month low of $200.63 and a 12-month high of $457.16. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $9.60 billion, a price-to-earnings ratio of -33.64 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last posted its quarterly earnings data 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 return on equity of 38.38% and a negative net margin of 54.68%.The firm had revenue of $212.80 million during the quarter, compared to analysts' expectations of $158.94 million. During the same period in the prior year, the business earned ($7.10) EPS. The company's revenue for the quarter was up 1357.5% compared to the same quarter last year. On average, equities analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS 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.