Madrigal Pharmaceuticals, Inc. $MDGL Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 40.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 136,869 shares of the biopharmaceutical company’s stock after acquiring an additional 39,090 shares during the quarter. Bank of New York Mellon Corp’s holdings in Madrigal Pharmaceuticals were worth $79,704,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in MDGL. Wellington Management Group LLP lifted its position in Madrigal Pharmaceuticals by 5,381.2% in the third quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock valued at $185,507,000 after purchasing an additional 397,076 shares during the period. Norges Bank acquired a new stake in Madrigal Pharmaceuticals in the fourth quarter valued at about $114,368,000. Baker BROS. Advisors LP lifted its position in Madrigal Pharmaceuticals by 8.4% in the third quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock valued at $982,313,000 after purchasing an additional 165,683 shares during the period. Alkeon Capital Management LLC acquired a new stake in Madrigal Pharmaceuticals in the third quarter valued at about $55,039,000. Finally, Invesco Ltd. lifted its position in Madrigal Pharmaceuticals by 49.5% in the third quarter. Invesco Ltd. now owns 299,565 shares of the biopharmaceutical company’s stock valued at $137,398,000 after purchasing an additional 99,209 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

MDGL stock opened at $467.28 on Tuesday. The firm has a 50 day moving average of $515.87 and a 200-day moving average of $513.01. Madrigal Pharmaceuticals, Inc. has a 12-month low of $275.00 and a 12-month high of $615.00. 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 company has a market cap of $10.78 billion, a price-to-earnings ratio of -36.51 and a beta of -1.07.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The company had revenue of $311.34 million during the quarter, compared to the consensus estimate of $301.05 million. During the same period last year, the firm earned ($3.32) EPS. The company’s revenue for the quarter was up 126.8% on a year-over-year basis. As a group, equities analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.23 EPS for the current fiscal year.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Richard S. Levy sold 5,682 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, May 22nd. The stock was 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 directly owned 22,015 shares in the company, valued at $11,347,411.60. The trade was a 20.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $495.74, for a total value of $516,561.08. Following the transaction, the insider owned 10,033 shares of the company’s stock, valued at $4,973,759.42. This represents a 9.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,568 shares of company stock valued at $3,880,711 over the last 90 days. Insiders own 17.60% of the company’s stock.

Analysts Set New Price Targets

MDGL has been the subject of a number of recent analyst reports. Canaccord Genuity Group reduced 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 report on Thursday, May 7th. Citigroup reiterated a “market outperform” rating on shares of Madrigal Pharmaceuticals in a research report on Monday, June 1st. Evercore set a $649.00 price target on shares of Madrigal Pharmaceuticals in a research report on Thursday, May 7th. Wells Fargo & Company upgraded shares of Madrigal Pharmaceuticals to an “overweight” rating in a research report on Monday, June 1st. Finally, Zacks Research upgraded shares of Madrigal Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Madrigal Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $687.00.

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