Assenagon Asset Management S.A. Purchases 10,643 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

Assenagon Asset Management S.A. increased its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 197.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,033 shares of the biopharmaceutical company’s stock after purchasing an additional 10,643 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Madrigal Pharmaceuticals were worth $8,393,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in Madrigal Pharmaceuticals by 5,381.2% during the 3rd 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 in the last quarter. Norges Bank acquired a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter valued at $114,368,000. Baker BROS. Advisors LP increased its stake in shares of 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 buying an additional 165,683 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Madrigal Pharmaceuticals by 414.5% in the fourth quarter. Deutsche Bank AG now owns 192,109 shares of the biopharmaceutical company’s stock valued at $111,873,000 after buying an additional 154,767 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in shares of Madrigal Pharmaceuticals by 139.7% in the fourth quarter. Lord Abbett & CO. LLC now owns 244,796 shares of the biopharmaceutical company’s stock valued at $142,555,000 after buying an additional 142,653 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MDGL shares. HC Wainwright reissued a “buy” rating and set a $620.00 price objective on shares of Madrigal Pharmaceuticals in a report on Wednesday, May 6th. Citigroup reaffirmed a “market outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Monday, June 1st. Canaccord Genuity Group reduced their target price on shares of Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating on the stock 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 on the stock in a research note on Thursday, June 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Madrigal Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $687.93.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Richard S. Levy sold 5,682 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $515.44, for a total value of $2,928,730.08. Following the transaction, the director directly owned 22,015 shares in the company, valued at $11,347,411.60. This represents a 20.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction, the insider directly owned 10,033 shares in the company, valued at approximately $4,973,759.42. The trade was a 9.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 7,568 shares of company stock valued at $3,880,711. 17.60% of the stock is owned by corporate insiders.

Madrigal Pharmaceuticals Price Performance

Madrigal Pharmaceuticals stock opened at $512.65 on Monday. The business’s 50-day simple moving average is $508.59 and its 200 day simple moving average is $505.18. The company has a quick ratio of 3.16, a current ratio of 3.50 and a debt-to-equity ratio of 0.63. The stock has a market cap of $11.82 billion, a price-to-earnings ratio of -40.05 and a beta of -1.07. Madrigal Pharmaceuticals, Inc. has a 12-month low of $284.02 and a 12-month high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, topping the consensus estimate of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 27.32%.The firm had revenue of $311.34 million during the quarter, compared to analysts’ expectations of $301.05 million. During the same period in the previous year, the business posted ($3.32) EPS. The company’s quarterly revenue was up 126.8% compared to the same quarter last year. As a group, research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -7.3 earnings per share for the current year.

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.