Madrigal Pharmaceuticals, Inc. $MDGL Shares Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS boosted its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 15.4% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 3,000 shares of the biopharmaceutical company’s stock after purchasing an additional 400 shares during the period. KLP Kapitalforvaltning AS’s holdings in Madrigal Pharmaceuticals were worth $908,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. VSM Wealth Advisory LLC acquired a new stake in Madrigal Pharmaceuticals during the 1st quarter worth about $25,000. Accent Capital Management LLC purchased a new position in Madrigal Pharmaceuticals in the first quarter valued at $25,000. Summit Securities Group LLC purchased a new position in Madrigal Pharmaceuticals in the first quarter valued at $33,000. Farther Finance Advisors LLC increased its holdings in Madrigal Pharmaceuticals by 825.0% in the first quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company’s stock valued at $36,000 after buying an additional 99 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Madrigal Pharmaceuticals by 131.4% in the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company’s stock valued at $39,000 after buying an additional 67 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Stock Performance

MDGL opened at $433.45 on Thursday. The firm has a market capitalization of $9.62 billion, a PE ratio of -33.73 and a beta of -1.02. Madrigal Pharmaceuticals, Inc. has a twelve month low of $200.63 and a twelve month high of $463.63. The firm’s 50-day moving average price is $420.68 and its 200 day moving average price is $342.76. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.48) by $1.58. The firm had revenue of $212.80 million for the quarter, compared to analyst estimates of $158.94 million. Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. Madrigal Pharmaceuticals’s quarterly revenue was up 1357.5% on a year-over-year basis. During the same period in the previous year, the business posted ($7.10) earnings per share. As a group, sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Insider Activity

In related news, CEO William John Sibold sold 7,616 shares of the business’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $400.18, for a total transaction of $3,047,770.88. Following the transaction, the chief executive officer directly owned 109,753 shares in the company, valued at approximately $43,920,955.54. The trade was a 6.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Paul A. Friedman sold 129,172 shares of Madrigal Pharmaceuticals stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $370.24, for a total transaction of $47,824,641.28. Following the transaction, the director directly owned 187,164 shares in the company, valued at $69,295,599.36. This trade represents a 40.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 165,683 shares of company stock valued at $61,921,142 and sold 251,042 shares valued at $92,228,145. Insiders own 21.50% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on MDGL. TD Cowen lifted their price objective on shares of Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a “buy” rating in a report on Tuesday, August 26th. Cowen reaffirmed a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 26th. B. Riley lifted their price objective on shares of Madrigal Pharmaceuticals from $460.00 to $560.00 and gave the company a “buy” rating in a report on Monday, September 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, October 8th. Finally, Canaccord Genuity Group lifted their price objective on shares of Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the company a “buy” rating in a report on Friday, September 12th. Eleven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $532.70.

Madrigal Pharmaceuticals 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.