The Manufacturers Life Insurance Company Invests $6.55 Million in Madrigal Pharmaceuticals, Inc. $MDGL

The Manufacturers Life Insurance Company acquired a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 12,196 shares of the biopharmaceutical company’s stock, valued at approximately $6,549,000. The Manufacturers Life Insurance Company owned approximately 0.05% of Madrigal Pharmaceuticals as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in Madrigal Pharmaceuticals by 27.4% during 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 acquiring an additional 433,804 shares during the period. BlackRock Inc. purchased a new stake in shares of Madrigal Pharmaceuticals in the second quarter worth $644,753,000. Wellington Management Group LLP increased its stake in shares of Madrigal Pharmaceuticals by 14.1% in the fourth quarter. Wellington Management Group LLP now owns 461,402 shares of the biopharmaceutical company’s stock worth $268,693,000 after purchasing an additional 56,947 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Madrigal Pharmaceuticals by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 451,743 shares of the biopharmaceutical company’s stock valued at $263,114,000 after purchasing an additional 5,510 shares during the period. Finally, Invesco Ltd. raised its position in shares of Madrigal Pharmaceuticals by 21.9% during the 4th quarter. Invesco Ltd. now owns 365,314 shares of the biopharmaceutical company’s stock valued at $212,737,000 after purchasing an additional 65,749 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Madrigal Pharmaceuticals

In related news, General Counsel Shannon T. Kelley sold 664 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $514.97, for a total value of $341,940.08. Following the sale, the general counsel owned 11,474 shares in the company, valued at approximately $5,908,765.78. The trade was a 5.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 17.60% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

Shares of Madrigal Pharmaceuticals stock opened at $533.76 on Monday. The firm has a market cap of $12.33 billion, a PE ratio of -41.41 and a beta of -1.01. The stock has a 50 day moving average of $526.96 and a 200 day moving average of $502.86. 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, Inc. has a 12 month low of $393.61 and a 12 month high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.68) by $0.69. The business had revenue of $364.25 million for the quarter, compared to the consensus estimate of $352.13 million. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.The company’s revenue was up 71.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.90) EPS. On average, research analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on MDGL. Truist Financial upped their target price on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Wolfe Research raised Madrigal Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $605.00 price target on the stock in a report on Tuesday, August 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. HC Wainwright reaffirmed a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 31st. Finally, Evercore set a $649.00 target price on Madrigal Pharmaceuticals in a research note on Thursday, May 7th. Fifteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $699.64.

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.