Rock Springs Capital Management LP Purchases 31,381 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

Rock Springs Capital Management LP lifted its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 22.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 170,999 shares of the biopharmaceutical company’s stock after buying an additional 31,381 shares during the quarter. Madrigal Pharmaceuticals makes up 5.3% of Rock Springs Capital Management LP’s investment portfolio, making the stock its 3rd largest position. Rock Springs Capital Management LP’s holdings in Madrigal Pharmaceuticals were worth $89,513,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MDGL. Eversept Partners LP purchased a new position in shares of Madrigal Pharmaceuticals during the first quarter valued at approximately $5,235,000. The Manufacturers Life Insurance Company grew its stake in Madrigal Pharmaceuticals by 1.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 16,300 shares of the biopharmaceutical company’s stock worth $8,533,000 after acquiring an additional 248 shares during the period. Quantinno Capital Management LP grew its stake in Madrigal Pharmaceuticals by 474.2% in the 1st quarter. Quantinno Capital Management LP now owns 2,090 shares of the biopharmaceutical company’s stock worth $1,094,000 after acquiring an additional 1,726 shares during the period. Affinity Asset Advisors LLC grew its stake in Madrigal Pharmaceuticals by 76.7% in the 1st quarter. Affinity Asset Advisors LLC now owns 55,000 shares of the biopharmaceutical company’s stock worth $28,791,000 after acquiring an additional 23,869 shares during the period. Finally, Sei Investments Co. raised its holdings in Madrigal Pharmaceuticals by 4.9% in the 1st quarter. Sei Investments Co. now owns 24,198 shares of the biopharmaceutical company’s stock valued at $12,667,000 after acquiring an additional 1,122 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Citigroup reissued an “outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. HC Wainwright reissued a “buy” rating and issued a $620.00 price target on shares of Madrigal Pharmaceuticals in a research note on Wednesday, May 6th. Truist Financial lifted their price target on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Finally, Canaccord Genuity Group dropped their price objective on shares of Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Madrigal Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $687.73.

Insider Buying and Selling

In related news, Director Richard S. Levy sold 5,682 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were 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 of the company’s stock, valued at $11,347,411.60. This represents a 20.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $495.74, for a total transaction of $516,561.08. Following the transaction, the insider owned 10,033 shares in the company, valued at $4,973,759.42. This trade represents a 9.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 7,568 shares of company stock valued at $3,880,711 in the last three months. Corporate insiders own 17.60% of the company’s stock.

Madrigal Pharmaceuticals Stock Up 1.2%

MDGL opened at $551.25 on Tuesday. The firm has a 50 day moving average price of $516.68 and a 200 day moving average price of $499.64. Madrigal Pharmaceuticals, Inc. has a 1 year low of $286.44 and a 1 year high of $615.00. 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 company has a market cap of $12.71 billion, a PE ratio of -43.07 and a beta of -1.05.

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

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.