Allworth Financial LP Grows Position in Madrigal Pharmaceuticals, Inc. $MDGL

Allworth Financial LP boosted its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 17,570.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,534 shares of the biopharmaceutical company’s stock after buying an additional 3,514 shares during the quarter. Allworth Financial LP’s holdings in Madrigal Pharmaceuticals were worth $1,070,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Mutual of America Capital Management LLC grew its stake in shares of Madrigal Pharmaceuticals by 0.3% in the 1st quarter. Mutual of America Capital Management LLC now owns 11,263 shares of the biopharmaceutical company’s stock worth $3,731,000 after acquiring an additional 31 shares in the last quarter. Park Avenue Securities LLC boosted its holdings in Madrigal Pharmaceuticals by 6.6% during the second quarter. Park Avenue Securities LLC now owns 699 shares of the biopharmaceutical company’s stock worth $212,000 after purchasing an additional 43 shares during the last quarter. AlphaQuest LLC grew its position in Madrigal Pharmaceuticals by 412.5% in the 2nd quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 66 shares in the last quarter. VSM Wealth Advisory LLC bought a new stake in Madrigal Pharmaceuticals in the 1st quarter worth about $25,000. Finally, Accent Capital Management LLC bought a new position in shares of Madrigal Pharmaceuticals during the 1st quarter worth approximately $25,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Bros. Advisors Lp Baker acquired 59,901 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The stock was bought at an average cost of $385.16 per share, with a total value of $23,071,469.16. Following the acquisition, the director owned 1,947,968 shares in the company, valued at approximately $750,279,354.88. This represents a 3.17% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kenneth Bate sold 16,575 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $484.30, for a total transaction of $8,027,272.50. Following the completion of the transaction, the director owned 2,627 shares of the company’s stock, valued at $1,272,256.10. This represents a 86.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders bought 165,683 shares of company stock worth $61,921,142 and sold 41,274 shares worth $19,226,568. 21.50% of the stock is owned by corporate insiders.

Madrigal Pharmaceuticals Trading Up 2.8%

Shares of MDGL opened at $529.21 on Friday. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $265.00 and a fifty-two week high of $544.25. The business has a 50-day moving average of $445.89 and a 200 day moving average of $364.78. The firm has a market cap of $12.02 billion, a P/E ratio of -41.18 and a beta of -1.04. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings data on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) EPS for the quarter, missing the consensus estimate of ($2.01) by ($3.07). Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. As a group, research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Wall Street Analysts Forecast Growth

MDGL has been the topic of a number of research analyst reports. HC Wainwright boosted their target price on Madrigal Pharmaceuticals from $500.00 to $568.00 and gave the stock a “buy” rating in a research note on Tuesday. Citigroup reiterated an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, November 5th. Truist Financial assumed coverage on Madrigal Pharmaceuticals in a research note on Tuesday, October 14th. They issued a “buy” rating and a $580.00 price objective for the company. JMP Securities set a $527.00 target price on Madrigal Pharmaceuticals in a research report on Wednesday, November 5th. Finally, UBS Group reissued a “buy” rating and issued a $523.00 price target (up from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. Thirteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $539.17.

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.