Bank of New York Mellon Corp Has $71.14 Million Stake in Madrigal Pharmaceuticals, Inc. $MDGL

Bank of New York Mellon Corp reduced its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 0.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,908 shares of the biopharmaceutical company’s stock after selling 961 shares during the period. Bank of New York Mellon Corp owned 0.59% of Madrigal Pharmaceuticals worth $71,144,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in MDGL. Flagship Harbor Advisors LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 4th quarter valued at about $29,000. Kemnay Advisory Services Inc. acquired a new stake in Madrigal Pharmaceuticals in the 4th quarter worth approximately $39,000. Eastern Bank lifted its holdings in Madrigal Pharmaceuticals by 32.3% in the 4th quarter. Eastern Bank now owns 86 shares of the biopharmaceutical company’s stock worth $50,000 after purchasing an additional 21 shares during the last quarter. Quarry LP bought a new stake in Madrigal Pharmaceuticals during the third quarter worth approximately $39,000. Finally, Accent Capital Management LLC boosted its position in Madrigal Pharmaceuticals by 64.9% during the fourth quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company’s stock worth $55,000 after purchasing an additional 37 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ:MDGL opened at $537.58 on Thursday. The business’s 50 day moving average is $515.62 and its 200-day moving average is $500.35. The company has a current ratio of 3.50, a quick ratio of 3.16 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $12.40 billion, a PE ratio of -42.00 and a beta of -1.05. Madrigal Pharmaceuticals, Inc. has a 1-year low of $286.44 and a 1-year high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.61) by $0.36. The business had revenue of $311.34 million for the quarter, compared to analysts’ expectations of $301.05 million. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The firm’s revenue for the quarter was up 126.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($3.32) earnings per share. Sell-side analysts predict that Madrigal Pharmaceuticals, Inc. will post -7.3 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider David Soergel sold 1,042 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider owned 10,033 shares of the company’s stock, valued at approximately $4,973,759.42. This trade represents a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $515.44, for a total transaction of $2,928,730.08. Following the completion of the transaction, the director owned 22,015 shares of the company’s stock, valued at $11,347,411.60. This trade represents a 20.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 7,568 shares of company stock valued at $3,880,711. Company insiders own 17.60% of the company’s stock.

Analysts Set New Price Targets

MDGL has been the subject of several recent analyst reports. Canaccord Genuity Group decreased their price objective on shares of Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. Evercore set a $649.00 target price on shares of Madrigal Pharmaceuticals in a research report on Thursday, May 7th. Bank of America decreased their price target on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating for the company in a report on Thursday, June 11th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $620.00 price target on shares of Madrigal Pharmaceuticals in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $687.93.

About Madrigal Pharmaceuticals

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-β agonist in Phase 3 development for the treatment of NASH.