Wellington Management Group LLP Has $443.37 Million Stock Holdings in Madrigal Pharmaceuticals, Inc. $MDGL

Wellington Management Group LLP grew its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 18.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 825,714 shares of the biopharmaceutical company’s stock after acquiring an additional 130,756 shares during the period. Wellington Management Group LLP’s holdings in Madrigal Pharmaceuticals were worth $443,367,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MDGL. Beacon Pointe Advisors LLC bought a new position in shares of Madrigal Pharmaceuticals during the 2nd quarter valued at $519,000. Palo Alto Investors LP bought a new stake in Madrigal Pharmaceuticals in the second quarter worth $959,530. Centaurus Financial Inc. acquired a new position in Madrigal Pharmaceuticals during the second quarter worth $387,000. Jefferies Financial Group Inc. acquired a new position in Madrigal Pharmaceuticals during the second quarter worth $340,000. Finally, Public Employees Retirement System of Ohio bought a new position in Madrigal Pharmaceuticals during the second quarter valued at about $2,741,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Piper Sandler reaffirmed an “overweight” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, June 24th. Wells Fargo & Company initiated coverage on Madrigal Pharmaceuticals in a research note on Monday, July 27th. They issued an “overweight” rating and a $685.00 price objective on the stock. Bank of America reduced their target price on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating for the company in a report on Thursday, June 11th. HC Wainwright reaffirmed a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 31st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. Fifteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $699.64.

Madrigal Pharmaceuticals Trading Down 1.8%

Shares of Madrigal Pharmaceuticals stock opened at $533.76 on Friday. Madrigal Pharmaceuticals, Inc. has a 1 year low of $393.61 and a 1 year high of $615.00. The company’s fifty day simple moving average is $526.96 and its 200-day simple moving average is $502.76. The company has a market cap of $12.33 billion, a price-to-earnings ratio of -41.41 and a beta of -1.01. The company has a current ratio of 3.20, a quick ratio of 2.94 and a debt-to-equity ratio of 0.65.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) EPS for the quarter, beating the consensus estimate of ($2.68) by $0.69. The firm had revenue of $364.25 million during the quarter, compared to analysts’ expectations of $352.13 million. Madrigal Pharmaceuticals had a negative net margin of 25.32% and a negative return on equity of 56.65%. The business’s quarterly revenue was up 71.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.90) EPS. As a group, sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current year.

Insider Transactions at Madrigal Pharmaceuticals

In other news, General Counsel Shannon T. Kelley sold 664 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $514.97, for a total transaction of $341,940.08. Following the completion of the transaction, the general counsel owned 11,474 shares of the company’s stock, valued at approximately $5,908,765.78. This represents a 5.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David Soergel sold 1,042 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $495.74, for a total transaction of $516,561.08. Following the completion of the sale, the insider owned 10,033 shares of the company’s stock, valued at approximately $4,973,759.42. The trade was a 9.41% 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. 17.60% of the stock is currently owned by corporate insiders.

Madrigal Pharmaceuticals Company 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.