Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Director Paul A. Friedman Sells 3,203 Shares

Key Points

• Madrigal Pharmaceuticals Director Paul A. Friedman sold 3,203 shares for a total of $1,121,914.81, resulting in a 1.68% decrease in his ownership stake.
• The company's stock price increased by 4.0% to reach $373.46, with a trading volume significantly higher than its average.
• Madrigal reported $212.80 million in revenue for the last quarter, surpassing analyst estimates and marking a year-over-year revenue increase of 1357.5%.

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Get Free Report) Director Paul A. Friedman sold 3,203 shares of the business's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $350.27, for a total transaction of $1,121,914.81. Following the sale, the director directly owned 187,164 shares of the company's stock, valued at approximately $65,557,934.28. This represents a 1.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Madrigal Pharmaceuticals Price Performance

NASDAQ:MDGL traded up $5.24 during trading hours on Monday, reaching $375.08. 225,835 shares of the company's stock were exchanged, compared to its average volume of 376,379. The company has a market capitalization of $8.33 billion, a P/E ratio of -29.19 and a beta of -1.02. Madrigal Pharmaceuticals, Inc. has a 12 month low of $200.63 and a 12 month high of $377.46. The company has a quick ratio of 4.78, a current ratio of 5.11 and a debt-to-equity ratio of 0.17. The business's 50-day simple moving average is $310.35 and its two-hundred day simple moving average is $314.18.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last posted 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. Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. The firm had revenue of $212.80 million during the quarter, compared to analyst estimates of $158.94 million. During the same quarter last year, the business posted ($7.10) EPS. The company's revenue was up 1357.5% on a year-over-year basis. Sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MDGL. Canaccord Genuity Group raised their target price on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Wall Street Zen upgraded shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday, May 5th. UBS Group reiterated a "buy" rating and issued a $523.00 price objective (up from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. JMP Securities reiterated a "market outperform" rating and issued a $443.00 price target on shares of Madrigal Pharmaceuticals in a research report on Thursday, April 24th. Finally, B. Riley reiterated a "buy" rating and issued a $460.00 price target (up from $422.00) on shares of Madrigal Pharmaceuticals in a research report on Friday, May 2nd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $439.71.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. Rhumbline Advisers grew its holdings in shares of Madrigal Pharmaceuticals by 7.9% during the 1st quarter. Rhumbline Advisers now owns 26,364 shares of the biopharmaceutical company's stock valued at $8,733,000 after acquiring an additional 1,924 shares in the last quarter. GAMMA Investing LLC raised 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. Raymond James Financial Inc. bought a new stake in shares of Madrigal Pharmaceuticals during the 4th quarter worth $16,615,000. XTX Topco Ltd acquired a new position in Madrigal Pharmaceuticals in the 1st quarter valued at $392,000. Finally, Wells Fargo & Company MN raised its holdings in Madrigal Pharmaceuticals by 19.1% in the 4th quarter. Wells Fargo & Company MN now owns 34,923 shares of the biopharmaceutical company's stock worth $10,776,000 after acquiring an additional 5,604 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

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.