Madrigal Pharmaceuticals, Inc. $MDGL Position Increased by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC raised its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 139.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 244,796 shares of the biopharmaceutical company’s stock after buying an additional 142,653 shares during the period. Lord Abbett & CO. LLC’s holdings in Madrigal Pharmaceuticals were worth $142,555,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Baker BROS. Advisors LP boosted its holdings in Madrigal Pharmaceuticals by 8.4% during the third quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock worth $982,313,000 after buying an additional 165,683 shares in the last quarter. Iron Triangle Partners LP bought a new stake in Madrigal Pharmaceuticals during the third quarter worth approximately $26,776,000. Toth Financial Advisory Corp bought a new stake in Madrigal Pharmaceuticals during the fourth quarter worth approximately $1,165,000. Peak Financial Advisors LLC boosted its holdings in Madrigal Pharmaceuticals by 287.0% during the fourth quarter. Peak Financial Advisors LLC now owns 4,466 shares of the biopharmaceutical company’s stock worth $2,601,000 after buying an additional 3,312 shares in the last quarter. Finally, Capricorn Fund Managers Ltd bought a new stake in Madrigal Pharmaceuticals during the fourth quarter worth approximately $3,843,000. 98.50% of the stock is currently owned by institutional investors.

Insider Activity at Madrigal Pharmaceuticals

In related news, insider David Soergel sold 1,042 shares of the company’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 value of $516,561.08. Following the completion of the sale, the insider owned 10,033 shares in the company, valued at approximately $4,973,759.42. This represents a 9.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of the 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 sale, the director owned 22,015 shares of the company’s stock, valued at approximately $11,347,411.60. The trade was a 20.51% 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 90 days, insiders sold 7,568 shares of company stock valued at $3,880,711. 17.60% of the stock is owned by insiders.

Madrigal Pharmaceuticals Stock Up 1.4%

Shares of NASDAQ:MDGL opened at $480.77 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.16 and a current ratio of 3.50. The company has a market cap of $11.09 billion, a PE ratio of -37.56 and a beta of -1.07. Madrigal Pharmaceuticals, Inc. has a 52 week low of $275.00 and a 52 week high of $615.00. The firm has a 50 day simple moving average of $512.55 and a 200 day simple moving average of $511.22.

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

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MDGL. Canaccord Genuity Group reduced their target price on shares of Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Bank of America reduced 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. Evercore set a $649.00 target price on shares of Madrigal Pharmaceuticals in a report on Thursday, May 7th. Zacks Research upgraded shares of Madrigal Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Friday, February 20th. Finally, Wells Fargo & Company upgraded shares of Madrigal Pharmaceuticals to an “overweight” rating in a research report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $687.93.

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.