Affinity Asset Advisors LLC Increases Stock Position in Madrigal Pharmaceuticals, Inc. $MDGL

Affinity Asset Advisors LLC raised its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 76.7% during the first quarter, Holdings Channel.com reports. The fund owned 55,000 shares of the biopharmaceutical company’s stock after purchasing an additional 23,869 shares during the quarter. Madrigal Pharmaceuticals accounts for approximately 1.5% of Affinity Asset Advisors LLC’s investment portfolio, making the stock its 21st largest position. Affinity Asset Advisors LLC’s holdings in Madrigal Pharmaceuticals were worth $28,791,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP boosted its holdings in shares of Madrigal Pharmaceuticals by 5,381.2% during the third quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock worth $185,507,000 after purchasing an additional 397,076 shares during the period. Norges Bank purchased a new stake in Madrigal Pharmaceuticals in the 4th quarter worth approximately $114,368,000. Deutsche Bank AG lifted its holdings in Madrigal Pharmaceuticals by 414.5% in the 4th quarter. Deutsche Bank AG now owns 192,109 shares of the biopharmaceutical company’s stock worth $111,873,000 after buying an additional 154,767 shares during the period. Lord Abbett & CO. LLC grew its position in shares of Madrigal Pharmaceuticals by 139.7% in the 4th quarter. Lord Abbett & CO. LLC now owns 244,796 shares of the biopharmaceutical company’s stock worth $142,555,000 after buying an additional 142,653 shares during the last quarter. Finally, Alkeon Capital Management LLC grew its position in shares of Madrigal Pharmaceuticals by 100.0% in the 4th quarter. Alkeon Capital Management LLC now owns 240,000 shares of the biopharmaceutical company’s stock worth $139,762,000 after buying an additional 120,000 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Madrigal Pharmaceuticals Stock Up 0.2%

Shares of Madrigal Pharmaceuticals stock opened at $544.51 on Friday. The company has a 50-day simple moving average of $516.10 and a two-hundred day simple moving average of $500.31. The stock has a market capitalization of $12.56 billion, a PE ratio of -42.54 and a beta of -1.05. Madrigal Pharmaceuticals, Inc. has a 52-week low of $286.44 and a 52-week high of $615.00. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.16 and a current ratio of 3.50.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, beating the consensus estimate 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 quarter last year, the firm earned ($3.32) earnings per share. The firm’s quarterly revenue was up 126.8% compared to the same quarter last year. On average, analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -7.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Evercore set a $649.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Thursday, May 7th. Canaccord Genuity Group cut 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 note on Thursday, May 7th. Citigroup reiterated an “outperform” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. Wells Fargo & Company raised shares of Madrigal Pharmaceuticals to an “overweight” rating in a research note on Monday, June 1st. Finally, HC Wainwright restated a “buy” rating and issued a $620.00 price objective on shares of Madrigal Pharmaceuticals in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Madrigal Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $687.93.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Richard S. Levy sold 5,682 shares of the stock in a transaction 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 sale, the director directly owned 22,015 shares in the company, valued at approximately $11,347,411.60. This trade represents a 20.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the business’s stock in a transaction 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 completion of 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 7,568 shares of company stock worth $3,880,711. Company insiders own 17.60% of the company’s stock.

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.