Kenneth Bate Sells 10,000 Shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) Stock

Key Points

• Madrigal Pharmaceuticals' Director, Kenneth Bate, sold 10,000 shares of stock for a total of $3.65 million, reducing his ownership by 79.20%.
• The company reported impressive quarterly earnings with revenue of $212.8 million, significantly surpassing analysts' expectations of $158.94 million.
• Analyst ratings are predominantly positive, with a consensus of seven buy ratings and an average price target of $439.71 for the stock.

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Get Free Report) Director Kenneth Bate sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $365.20, for a total transaction of $3,652,000.00. Following the completion of the sale, the director owned 2,627 shares in the company, valued at $959,380.40. The trade was a 79.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ:MDGL traded up $5.8110 during trading hours on Wednesday, hitting $385.3610. The stock had a trading volume of 18,936 shares, compared to its average volume of 378,912. The stock's fifty day simple moving average is $314.52 and its 200 day simple moving average is $315.03. Madrigal Pharmaceuticals, Inc. has a 1-year low of $200.63 and a 1-year high of $393.76. The firm has a market capitalization of $8.56 billion, a price-to-earnings ratio of -29.84 and a beta of -1.02. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) EPS for the quarter, beating the consensus estimate 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 company had revenue of $212.80 million for the quarter, compared to analyst estimates of $158.94 million. During the same quarter last year, the business earned ($7.10) earnings per share. Madrigal Pharmaceuticals's revenue was up 1357.5% compared to the same quarter last year. Sell-side analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Institutional Trading of Madrigal Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Marex Group plc acquired a new stake in Madrigal Pharmaceuticals during the second quarter valued at approximately $548,000. Kestra Investment Management LLC acquired a new stake in shares of Madrigal Pharmaceuticals during the second quarter valued at approximately $85,000. Tower Research Capital LLC TRC raised its holdings in shares of Madrigal Pharmaceuticals by 70.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,851 shares of the biopharmaceutical company's stock valued at $560,000 after acquiring an additional 764 shares during the period. Orion Porfolio Solutions LLC raised its holdings in shares of Madrigal Pharmaceuticals by 1.3% during the second quarter. Orion Porfolio Solutions LLC now owns 3,638 shares of the biopharmaceutical company's stock valued at $1,101,000 after acquiring an additional 47 shares during the period. Finally, Man Group plc acquired a new stake in shares of Madrigal Pharmaceuticals during the second quarter valued at approximately $414,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on MDGL shares. Canaccord Genuity Group raised their price target on shares of Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. B. Riley restated a "buy" rating and issued a $460.00 price target (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a research note on Friday, May 2nd. JMP Securities upped their price target on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a "market outperform" rating in a research note on Wednesday. UBS Group reaffirmed a "buy" rating and issued a $523.00 price target (up from $458.00) on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 12th. Finally, Wall Street Zen raised shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Monday, May 5th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Madrigal Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus target price of $445.71.

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.