Alkeon Capital Management LLC Acquires 120,000 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

Alkeon Capital Management LLC boosted its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 100.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 240,000 shares of the biopharmaceutical company’s stock after purchasing an additional 120,000 shares during the quarter. Alkeon Capital Management LLC’s holdings in Madrigal Pharmaceuticals were worth $139,762,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Flagship Harbor Advisors LLC acquired a new stake in Madrigal Pharmaceuticals in the fourth quarter valued at approximately $29,000. Aventura Private Wealth LLC acquired a new stake in Madrigal Pharmaceuticals in the fourth quarter valued at approximately $36,000. Aster Capital Management DIFC Ltd acquired a new stake in Madrigal Pharmaceuticals in the third quarter valued at approximately $39,000. Quarry LP acquired a new stake in Madrigal Pharmaceuticals in the third quarter valued at approximately $39,000. Finally, Eastern Bank grew its stake in Madrigal Pharmaceuticals by 32.3% in the fourth quarter. Eastern Bank now owns 86 shares of the biopharmaceutical company’s stock valued at $50,000 after acquiring an additional 21 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Madrigal Pharmaceuticals Stock Up 3.9%

Shares of NASDAQ:MDGL opened at $499.76 on Tuesday. The stock has a market cap of $11.52 billion, a price-to-earnings ratio of -39.04 and a beta of -1.07. 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 12-month low of $275.00 and a 12-month high of $615.00. The business’s 50 day moving average is $511.60 and its 200 day moving average is $510.03.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted 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 return on equity of 50.15% and a negative net margin of 27.32%.The business had revenue of $311.34 million for the quarter, compared to analysts’ expectations of $301.05 million. During the same quarter in the previous year, the firm earned ($3.32) earnings per share. The business’s revenue was up 126.8% on a year-over-year basis. On average, sell-side analysts forecast that Madrigal Pharmaceuticals, Inc. will post -7.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, insider David Soergel sold 1,042 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $495.74, for a total value of $516,561.08. Following the transaction, the insider owned 10,033 shares of the company’s stock, valued at approximately $4,973,759.42. The trade was a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of the business’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $515.44, for a total value of $2,928,730.08. Following the completion of the transaction, the director directly owned 22,015 shares in the company, valued at approximately $11,347,411.60. This represents a 20.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 7,568 shares of company stock worth $3,880,711. Insiders own 17.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on MDGL shares. Canaccord Genuity Group reduced their price objective on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Evercore set a $649.00 price objective on Madrigal Pharmaceuticals in a research note on Thursday, May 7th. 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. Citigroup reissued a “market outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Monday, June 1st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $687.93.

About Madrigal Pharmaceuticals

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.