Insider Selling: Madrigal Pharmaceuticals (NASDAQ:MDGL) Insider Sells $435,419.60 in Stock

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) insider David Soergel sold 844 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $515.90, for a total value of $435,419.60. Following the completion of the sale, the insider directly owned 11,075 shares in the company, valued at $5,713,592.50. The trade was a 7.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Madrigal Pharmaceuticals Stock Performance

Madrigal Pharmaceuticals stock opened at $513.47 on Thursday. The stock’s 50 day simple moving average is $503.07 and its two-hundred day simple moving average is $512.80. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.16 and a current ratio of 3.50. The stock has a market cap of $11.84 billion, a price-to-earnings ratio of -40.11 and a beta of -1.04. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $265.00 and a fifty-two week high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, beating the consensus estimate of ($3.61) by $0.36. The business had revenue of $311.34 million for the quarter, compared to analysts’ expectations of $301.05 million. Madrigal Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 27.32%.The business’s revenue was up 126.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($3.32) EPS. As a group, analysts expect that Madrigal Pharmaceuticals, Inc. will post -6.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC grew its position in Madrigal Pharmaceuticals by 27.4% in the 1st quarter. Janus Henderson Group PLC now owns 2,018,647 shares of the biopharmaceutical company’s stock worth $1,051,727,000 after purchasing an additional 433,804 shares during the period. Tri Locum Partners LP grew its position in Madrigal Pharmaceuticals by 20.1% in the 1st quarter. Tri Locum Partners LP now owns 103,288 shares of the biopharmaceutical company’s stock worth $54,068,000 after purchasing an additional 17,265 shares during the period. Amundi grew its position in Madrigal Pharmaceuticals by 180.1% in the 1st quarter. Amundi now owns 1,224 shares of the biopharmaceutical company’s stock worth $641,000 after purchasing an additional 787 shares during the period. California State Teachers Retirement System grew its position in Madrigal Pharmaceuticals by 21.7% in the 1st quarter. California State Teachers Retirement System now owns 17,047 shares of the biopharmaceutical company’s stock worth $8,924,000 after purchasing an additional 3,039 shares during the period. Finally, Royal Bank of Canada grew its position in Madrigal Pharmaceuticals by 22.5% in the 1st quarter. Royal Bank of Canada now owns 12,526 shares of the biopharmaceutical company’s stock worth $6,557,000 after purchasing an additional 2,303 shares during the period. Institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

MDGL has been the topic of several research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, April 21st. Barclays initiated coverage on Madrigal Pharmaceuticals in a research report on Tuesday, January 27th. They set an “overweight” rating and a $964.00 price objective on the stock. Evercore set a $649.00 price objective on Madrigal Pharmaceuticals in a research report on Thursday, May 7th. HC Wainwright reaffirmed a “buy” rating and set a $620.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Wednesday, May 6th. Finally, Bank of America cut their price objective on Madrigal Pharmaceuticals from $570.00 to $529.00 and set a “neutral” rating on the stock in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $687.00.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company’s pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-? agonist in Phase 3 development for the treatment of NASH.