Hsbc Holdings PLC Makes New Investment in Madrigal Pharmaceuticals, Inc. $MDGL

Hsbc Holdings PLC bought a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,100 shares of the biopharmaceutical company’s stock, valued at approximately $646,000.

Other institutional investors have also recently made changes to their positions in the company. Qube Research & Technologies Ltd bought a new stake in shares of Madrigal Pharmaceuticals in the second quarter worth approximately $1,163,000. Sei Investments Co. lifted its position in Madrigal Pharmaceuticals by 73.6% during the second quarter. Sei Investments Co. now owns 17,542 shares of the biopharmaceutical company’s stock valued at $5,309,000 after purchasing an additional 7,438 shares during the period. The Manufacturers Life Insurance Company lifted its position in Madrigal Pharmaceuticals by 2.1% during the second quarter. The Manufacturers Life Insurance Company now owns 23,416 shares of the biopharmaceutical company’s stock valued at $7,087,000 after purchasing an additional 471 shares during the period. Bayesian Capital Management LP bought a new position in Madrigal Pharmaceuticals during the second quarter valued at approximately $418,000. Finally, Canada Pension Plan Investment Board boosted its holdings in Madrigal Pharmaceuticals by 390.9% in the second quarter. Canada Pension Plan Investment Board now owns 5,400 shares of the biopharmaceutical company’s stock worth $1,634,000 after purchasing an additional 4,300 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insider Activity at Madrigal Pharmaceuticals

In other news, Director Richard S. Levy sold 5,682 shares of the stock in a transaction 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 directly owned 22,015 shares of the company’s stock, valued at $11,347,411.60. This represents a 20.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 on Monday, June 1st. The shares were sold at an average price of $495.74, for a total transaction of $516,561.08. Following the sale, the insider owned 10,033 shares in the company, valued at $4,973,759.42. The trade was a 9.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 7,568 shares of company stock worth $3,880,711 in the last ninety days. Insiders own 17.60% of the company’s stock.

Madrigal Pharmaceuticals Stock Up 2.5%

MDGL stock opened at $550.25 on Thursday. Madrigal Pharmaceuticals, Inc. has a twelve month low of $286.44 and a twelve month high of $615.00. The company has a quick ratio of 3.16, a current ratio of 3.50 and a debt-to-equity ratio of 0.63. The stock has a market cap of $12.69 billion, a P/E ratio of -42.99 and a beta of -1.05. The business’s 50-day moving average price is $512.65 and its 200-day moving average price is $501.89.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share (EPS) 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 company had revenue of $311.34 million during 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 firm’s quarterly revenue was up 126.8% compared to the same quarter last year. On average, equities research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -7.3 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Piper Sandler reaffirmed an “overweight” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, June 24th. Bank of America lowered their price target on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a report on Thursday, June 11th. Citigroup restated a “market outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Monday, June 1st. Evercore set a $649.00 price objective on Madrigal Pharmaceuticals in a report on Thursday, May 7th. Finally, Truist Financial upped their price objective on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. One investment 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price 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.