Renaissance Technologies LLC Cuts Stock Position in Madrigal Pharmaceuticals, Inc. $MDGL

Renaissance Technologies LLC lessened its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 14.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 71,870 shares of the biopharmaceutical company’s stock after selling 11,992 shares during the quarter. Renaissance Technologies LLC’s holdings in Madrigal Pharmaceuticals were worth $37,622,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Toth Financial Advisory Corp purchased a new position in Madrigal Pharmaceuticals in the 4th quarter valued at approximately $1,165,000. Capricorn Fund Managers Ltd purchased a new stake in shares of Madrigal Pharmaceuticals during the fourth quarter worth $3,843,000. Assenagon Asset Management S.A. purchased a new stake in shares of Madrigal Pharmaceuticals during the fourth quarter worth $3,139,000. Jefferies Financial Group Inc. purchased a new stake in shares of Madrigal Pharmaceuticals during the fourth quarter worth $1,339,000. Finally, Penn Capital Management Company LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter valued at $1,719,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL opened at $551.25 on Tuesday. The firm has a market capitalization of $12.71 billion, a price-to-earnings ratio of -43.07 and a beta of -1.05. The firm’s fifty day simple moving average is $516.68 and its 200-day simple moving average is $499.64. Madrigal Pharmaceuticals, Inc. has a twelve month low of $286.44 and a twelve month high of $615.00. The company has a current ratio of 3.50, a quick ratio of 3.16 and a debt-to-equity ratio of 0.63.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) EPS for the quarter, topping analysts’ consensus estimates of ($3.61) by $0.36. The firm had revenue of $311.34 million during the quarter, compared to the consensus estimate of $301.05 million. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The company’s revenue was up 126.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($3.32) earnings per share. Equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -7.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MDGL has been the subject of a number of recent research reports. Wells Fargo & Company assumed coverage on Madrigal Pharmaceuticals in a report on Monday. They issued an “overweight” rating and a $685.00 target price for the company. HC Wainwright restated a “buy” rating and set a $620.00 price target on shares of Madrigal Pharmaceuticals in a report on Wednesday, May 6th. Bank of America reduced their price target on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a research report on Thursday, June 11th. Piper Sandler reiterated an “overweight” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, June 24th. Finally, Canaccord Genuity Group lowered their price objective on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Madrigal Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $687.73.

Insider Transactions at Madrigal Pharmaceuticals

In other news, insider David Soergel sold 1,042 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $495.74, for a total value of $516,561.08. Following the transaction, the insider owned 10,033 shares in the company, valued at approximately $4,973,759.42. This represents a 9.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $515.44, for a total value of $2,928,730.08. Following the sale, the director directly owned 22,015 shares in the company, valued at $11,347,411.60. This trade represents a 20.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,568 shares of company stock valued at $3,880,711 over the last ninety days. 17.60% of the stock is owned by company insiders.

Madrigal Pharmaceuticals Profile

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.