Paul A. Friedman Sells 129,172 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Stock

Key Points

• Director Paul A. Friedman of Madrigal Pharmaceuticals sold 129,172 shares for approximately $47.8 million, reducing his stake by 40.83% to 187,164 shares valued at about $69.3 million.
• Madrigal reported a 1357.5% year-over-year increase in revenue, totaling $212.8 million for the recent quarter, surpassing expectations significantly.
• The stock has a current price target of $439.71 from analysts, with the company holding a "Moderate Buy" consensus rating.

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Get Free Report) Director Paul A. Friedman sold 129,172 shares of the firm's stock in a transaction 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 directly owned 187,164 shares of the company's stock, valued at approximately $69,295,599.36. This represents a 40.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Madrigal Pharmaceuticals Trading Up 0.7%

NASDAQ MDGL traded up $2.52 during trading on Monday, hitting $372.36. The company had a trading volume of 301,350 shares, compared to its average volume of 376,474. The company's fifty day moving average is $310.35 and its 200-day moving average is $314.18. Madrigal Pharmaceuticals, Inc. has a one year low of $200.63 and a one year high of $377.46. 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 cap of $8.27 billion, a price-to-earnings ratio of -28.99 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) EPS for the quarter, topping 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 business had revenue of $212.80 million for the quarter, compared to analyst estimates of $158.94 million. During the same quarter in the previous year, the firm posted ($7.10) earnings per share. Madrigal Pharmaceuticals's quarterly revenue was up 1357.5% on a year-over-year basis. On average, sell-side analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. 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. Wall Street Zen raised shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, May 5th. Canaccord Genuity Group upped their price objective on 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 reissued a "buy" rating and set a $460.00 target price (up from $422.00) on shares of Madrigal Pharmaceuticals in a research report on Friday, May 2nd. Finally, JMP Securities restated a "market outperform" rating and issued a $443.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Madrigal Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $439.71.

Institutional Trading of Madrigal Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Madrigal Pharmaceuticals by 96.3% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 376,163 shares of the biopharmaceutical company's stock valued at $113,842,000 after purchasing an additional 184,554 shares during the last quarter. Norges Bank purchased a new stake in Madrigal Pharmaceuticals during the second quarter valued at approximately $53,406,000. Woodline Partners LP lifted its stake in shares of Madrigal Pharmaceuticals by 110.2% in the 4th quarter. Woodline Partners LP now owns 309,117 shares of the biopharmaceutical company's stock valued at $95,384,000 after purchasing an additional 162,027 shares during the last quarter. Hood River Capital Management LLC bought a new position in shares of Madrigal Pharmaceuticals during the 4th quarter valued at approximately $39,447,000. Finally, MPM Bioimpact LLC purchased a new stake in Madrigal Pharmaceuticals during the 1st quarter valued at $33,260,000. Hedge funds and other institutional investors own 98.50% of the company's stock.

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.