Palo Alto Investors LP Takes Position in Madrigal Pharmaceuticals, Inc. $MDGL

Palo Alto Investors LP bought a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,787 shares of the biopharmaceutical company’s stock, valued at approximately $959,530,000.

Several other institutional investors have also recently made changes to their positions in MDGL. Persistent Asset Partners Ltd purchased a new stake in Madrigal Pharmaceuticals in the 2nd quarter worth about $29,000. Global Retirement Partners LLC bought a new stake in Madrigal Pharmaceuticals in the second quarter worth about $34,000. Quarry LP bought a new stake in Madrigal Pharmaceuticals in the third quarter worth about $39,000. Kemnay Advisory Services Inc. purchased a new position in shares of Madrigal Pharmaceuticals during the fourth quarter valued at approximately $39,000. Finally, Johnson Financial Group Inc. purchased a new position in shares of Madrigal Pharmaceuticals during the third quarter valued at approximately $50,000. Institutional investors own 98.50% of the company’s stock.

Insider Buying and Selling

In related news, insider David Soergel sold 1,042 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $4,973,759.42. This represents a 9.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Shannon T. Kelley sold 664 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $514.97, for a total value of $341,940.08. Following the completion of the transaction, the general counsel directly owned 11,474 shares in the company, valued at approximately $5,908,765.78. This trade represents a 5.47% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 17.60% of the stock is currently owned by insiders.

Madrigal Pharmaceuticals Trading Up 0.9%

Shares of MDGL opened at $543.69 on Friday. The firm has a market capitalization of $12.56 billion, a price-to-earnings ratio of -42.18 and a beta of -1.01. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.20 and a quick ratio of 2.94. Madrigal Pharmaceuticals, Inc. has a 1-year low of $393.61 and a 1-year high of $615.00. The company has a 50-day moving average of $526.40 and a 200 day moving average of $502.54.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) 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 net margin of 25.32% and a negative return on equity of 56.65%. The company’s revenue for the quarter was up 71.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.90) EPS. On average, research analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current year.

Analyst Ratings Changes

MDGL has been the topic of a number of analyst reports. Wells Fargo & Company assumed coverage on Madrigal Pharmaceuticals in a research note on Monday, July 27th. They set an “overweight” rating and a $685.00 target price on the stock. Barclays decreased their price target on Madrigal Pharmaceuticals from $964.00 to $962.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. Bank of America dropped their price objective 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, Truist Financial increased their target price on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Fifteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Madrigal Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $699.64.

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.