Legal & General Group Plc Invests $6.63 Million in Madrigal Pharmaceuticals, Inc. $MDGL

Legal & General Group Plc acquired a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the second quarter, Holdings Channel.com reports. The firm acquired 12,348 shares of the biopharmaceutical company’s stock, valued at approximately $6,630,000.

Several other institutional investors and hedge funds also recently made changes to their positions in MDGL. Persistent Asset Partners Ltd bought a new stake in Madrigal Pharmaceuticals in the second quarter worth approximately $29,000. Global Retirement Partners LLC bought a new position in shares of Madrigal Pharmaceuticals during the 2nd quarter worth approximately $34,000. Kemnay Advisory Services Inc. bought a new position in shares of Madrigal Pharmaceuticals during the 4th quarter worth approximately $39,000. Quarry LP acquired a new stake in shares of Madrigal Pharmaceuticals during the 3rd quarter worth approximately $39,000. Finally, Johnson Financial Group Inc. bought a new stake in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at $50,000. Institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MDGL shares. Piper Sandler reiterated an “overweight” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, June 24th. Wells Fargo & Company began coverage on shares of Madrigal Pharmaceuticals in a research note on Monday, July 27th. They issued an “overweight” rating and a $685.00 price target for the company. Wolfe Research upgraded shares of Madrigal Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $605.00 price objective on the stock in a report on Tuesday, August 4th. Barclays cut their price objective on shares of Madrigal Pharmaceuticals from $964.00 to $962.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. Finally, UBS Group restated a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 31st. Fifteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $699.64.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL stock opened at $546.93 on Thursday. The company has a current ratio of 3.20, a quick ratio of 2.94 and a debt-to-equity ratio of 0.65. The firm has a fifty day simple moving average of $528.76 and a two-hundred day simple moving average of $504.21. Madrigal Pharmaceuticals, Inc. has a 12 month low of $393.61 and a 12 month high of $615.00. The firm has a market capitalization of $12.63 billion, a PE ratio of -42.43 and a beta of -0.98.

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

Insiders Place Their Bets

In related news, General Counsel Shannon T. Kelley sold 664 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $514.97, for a total value of $341,940.08. Following the transaction, the general counsel owned 11,474 shares of the company’s stock, valued at approximately $5,908,765.78. This trade represents a 5.47% 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 sale was made to cover tax withholding obligations related to the vesting of equity awards. 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.