Madrigal Pharmaceuticals, Inc. $MDGL Shares Bought by Rhenman & Partners Asset Management AB

Rhenman & Partners Asset Management AB raised its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 7.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 19,550 shares of the biopharmaceutical company’s stock after acquiring an additional 1,300 shares during the quarter. Rhenman & Partners Asset Management AB’s holdings in Madrigal Pharmaceuticals were worth $11,385,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Flagship Harbor Advisors LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 4th quarter worth $29,000. Aventura Private Wealth LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 4th quarter worth $36,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter worth $39,000. Eastern Bank grew its stake in shares of 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 purchasing an additional 21 shares during the period. Finally, Quarry LP acquired a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter worth $39,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Price Performance

NASDAQ:MDGL opened at $480.77 on Friday. The firm has a market cap of $11.09 billion, a price-to-earnings ratio of -37.56 and a beta of -1.07. 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’s 50-day moving average is $512.55 and its two-hundred day moving average is $511.22. Madrigal Pharmaceuticals, Inc. has a 12-month low of $275.00 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 net margin of 27.32% and a negative return on equity of 50.15%. The business had revenue of $311.34 million for the quarter, compared to analyst estimates of $301.05 million. During the same period in the prior year, the firm posted ($3.32) EPS. The company’s revenue was up 126.8% on a year-over-year basis. Research analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.23 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Zacks Research raised shares of Madrigal Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Friday, February 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, April 21st. Bank of America lowered their price objective 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. HC Wainwright reissued a “buy” rating and issued a $620.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Wednesday, May 6th. Finally, Truist Financial increased their price objective on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. One equities research 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $687.93.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals 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 completion of the sale, the director owned 22,015 shares of the company’s stock, valued at $11,347,411.60. This trade represents a 20.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 firm’s stock in a transaction that occurred 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 sale, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,568 shares of company stock valued at $3,880,711 in the last ninety days. 17.60% of the stock is owned by corporate insiders.

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.