Canada Pension Plan Investment Board Takes Position in Madrigal Pharmaceuticals, Inc. $MDGL

Canada Pension Plan Investment Board bought a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 29,080 shares of the biopharmaceutical company’s stock, valued at approximately $15,615,000. Canada Pension Plan Investment Board owned 0.13% of Madrigal Pharmaceuticals as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Persistent Asset Partners Ltd bought a new position in Madrigal Pharmaceuticals during the second quarter worth about $29,000. Global Retirement Partners LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 2nd quarter valued at approximately $34,000. Kemnay Advisory Services Inc. acquired a new position in shares of Madrigal Pharmaceuticals in the 4th quarter worth approximately $39,000. Quarry LP acquired a new position in shares of Madrigal Pharmaceuticals in the 3rd quarter worth approximately $39,000. Finally, Accent Capital Management LLC lifted its position in shares of Madrigal Pharmaceuticals by 64.9% during the 4th quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company’s stock worth $55,000 after buying an additional 37 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insiders Place Their Bets

In related news, insider David Soergel sold 1,042 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were 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 in the company, valued at $4,973,759.42. This represents a 9.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Shannon T. Kelley sold 664 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $514.97, for a total transaction of $341,940.08. Following the sale, the general counsel directly owned 11,474 shares in the company, valued at approximately $5,908,765.78. This represents a 5.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 17.60% of the company’s stock.

Madrigal Pharmaceuticals Stock Down 1.8%

NASDAQ MDGL opened at $533.76 on Friday. The stock’s 50 day simple moving average is $526.96 and its 200 day simple moving average is $502.76. Madrigal Pharmaceuticals, Inc. has a one year low of $393.61 and a one year high of $615.00. The firm has a market cap of $12.33 billion, a PE ratio of -41.41 and a beta of -1.01. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.20 and a quick ratio of 2.94.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.68) by $0.69. The firm had revenue of $364.25 million during the quarter, compared to the consensus estimate of $352.13 million. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.The business’s revenue for the quarter was up 71.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.90) EPS. As a group, sell-side analysts forecast that Madrigal Pharmaceuticals, Inc. will post -7.03 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on MDGL. Canaccord Genuity Group upped their price target on Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. UBS Group reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 31st. Piper Sandler restated an “overweight” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, June 24th. Wells Fargo & Company began coverage on shares of Madrigal Pharmaceuticals in a report on Monday, July 27th. They issued an “overweight” rating and a $685.00 target price on the stock. Finally, Bank of America dropped their target price on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating for the company in a research report on Thursday, June 11th. Fifteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $699.64.

Madrigal Pharmaceuticals Company 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.