Bank of New York Mellon Corp Sells 961 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

Bank of New York Mellon Corp cut its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 0.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 135,908 shares of the biopharmaceutical company’s stock after selling 961 shares during the period. Bank of New York Mellon Corp’s holdings in Madrigal Pharmaceuticals were worth $71,144,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of MDGL. Flagship Harbor Advisors LLC bought a new stake in shares of Madrigal Pharmaceuticals during the fourth quarter valued at approximately $29,000. Kemnay Advisory Services Inc. bought a new position in Madrigal Pharmaceuticals in the 4th quarter worth approximately $39,000. Quarry LP acquired a new position in Madrigal Pharmaceuticals during the 3rd quarter worth $39,000. Eastern Bank lifted its holdings in Madrigal Pharmaceuticals by 32.3% during the 4th quarter. Eastern Bank now owns 86 shares of the biopharmaceutical company’s stock worth $50,000 after buying an additional 21 shares in the last quarter. Finally, Johnson Financial Group Inc. bought a new position in Madrigal Pharmaceuticals in the 3rd quarter valued at $50,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Canaccord Genuity Group dropped their target price on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Bank of America lowered their target price 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. HC Wainwright reiterated a “buy” rating and set a $620.00 target price on shares of Madrigal Pharmaceuticals in a research report on Wednesday, May 6th. Truist Financial raised their price target on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Finally, Evercore set a $649.00 price objective on Madrigal Pharmaceuticals in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $687.93.

Insider Buying and Selling

In other news, Director Richard S. Levy sold 5,682 shares of the business’s stock in a transaction 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 sale, the director owned 22,015 shares of the company’s stock, valued at $11,347,411.60. The trade was a 20.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through 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 stock in a transaction on Monday, June 1st. The stock was sold at an average price of $495.74, for a total transaction of $516,561.08. Following the transaction, the insider owned 10,033 shares of the company’s stock, valued at $4,973,759.42. The trade was 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. In the last ninety days, insiders have sold 7,568 shares of company stock valued at $3,880,711. Insiders own 17.60% of the company’s stock.

Madrigal Pharmaceuticals Stock Down 1.7%

Madrigal Pharmaceuticals stock opened at $537.58 on Thursday. The company has a 50 day moving average of $515.62 and a 200-day moving average of $500.35. The company has a quick ratio of 3.16, a current ratio of 3.50 and a debt-to-equity ratio of 0.63. Madrigal Pharmaceuticals, Inc. has a twelve month low of $286.44 and a twelve month high of $615.00. The stock has a market capitalization of $12.40 billion, a PE ratio of -42.00 and a beta of -1.05.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.61) by $0.36. The firm had revenue of $311.34 million during the quarter, compared to analysts’ expectations of $301.05 million. Madrigal Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 27.32%.The company’s revenue was up 126.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($3.32) EPS. On average, equities research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -7.3 EPS for the current fiscal 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.