Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Holdings Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 1.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 60,789 shares of the biopharmaceutical company’s stock after buying an additional 579 shares during the period. Bank of New York Mellon Corp owned about 0.28% of Madrigal Pharmaceuticals worth $20,135,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Farther Finance Advisors LLC lifted its stake in shares of Madrigal Pharmaceuticals by 825.0% in the 1st quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company’s stock valued at $36,000 after purchasing an additional 99 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Madrigal Pharmaceuticals by 131.4% during the 1st quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company’s stock worth $39,000 after acquiring an additional 67 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Madrigal Pharmaceuticals by 38.9% during the 1st quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company’s stock valued at $52,000 after acquiring an additional 44 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Madrigal Pharmaceuticals by 42.7% in the 1st quarter. Parallel Advisors LLC now owns 284 shares of the biopharmaceutical company’s stock valued at $94,000 after acquiring an additional 85 shares in the last quarter. Finally, Kozak & Associates Inc. bought a new position in shares of Madrigal Pharmaceuticals in the 1st quarter valued at approximately $104,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Trading Down 4.2%

Madrigal Pharmaceuticals stock opened at $334.13 on Friday. Madrigal Pharmaceuticals, Inc. has a 12 month low of $200.63 and a 12 month high of $377.46. The stock has a market cap of $7.42 billion, a price-to-earnings ratio of -18.51 and a beta of -1.05. The business has a 50 day moving average price of $291.89 and a two-hundred day moving average price of $312.43. The company has a quick ratio of 5.58, a current ratio of 5.91 and a debt-to-equity ratio of 0.17.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Thursday, May 1st. The biopharmaceutical company reported ($3.32) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.62) by $0.30. The firm had revenue of $137.25 million for the quarter, compared to the consensus estimate of $112.79 million. Madrigal Pharmaceuticals had a negative net margin of 123.38% and a negative return on equity of 50.54%. During the same quarter in the previous year, the company earned ($7.38) earnings per share. As a group, equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Insider Activity

In related news, Director Paul A. Friedman sold 2,700 shares of the stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $350.48, for a total value of $946,296.00. Following the completion of the transaction, the director owned 187,164 shares of the company’s stock, valued at $65,597,238.72. This represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rebecca Taub sold 2,657 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $350.41, for a total value of $931,039.37. Following the sale, the director directly owned 461,044 shares in the company, valued at $161,554,428.04. The trade was a 0.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,977 shares of company stock worth $20,476,927. 21.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on MDGL shares. B. Riley reiterated a “buy” rating and set a $460.00 price target (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a report on Friday, May 2nd. JMP Securities reaffirmed a “market outperform” rating and issued a $443.00 price target on shares of Madrigal Pharmaceuticals in a research report on Thursday, April 24th. Canaccord Genuity Group boosted their price objective on Madrigal Pharmaceuticals from $394.00 to $420.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. UBS Group raised their target price on Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Finally, Wall Street Zen raised Madrigal Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, May 5th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $420.63.

Madrigal Pharmaceuticals Company Profile

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.