5,076 Shares in Madrigal Pharmaceuticals, Inc. $MDGL Acquired by Castleark Management LLC

Castleark Management LLC bought a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the second quarter, HoldingsChannel.com reports. The firm bought 5,076 shares of the biopharmaceutical company’s stock, valued at approximately $2,726,000.

Several other hedge funds and other institutional investors have also bought and sold shares of MDGL. Janus Henderson Group PLC boosted its position in Madrigal Pharmaceuticals by 27.4% during the first quarter. Janus Henderson Group PLC now owns 2,018,647 shares of the biopharmaceutical company’s stock valued at $1,051,727,000 after purchasing an additional 433,804 shares in the last quarter. BlackRock Inc. bought a new position in Madrigal Pharmaceuticals in the second quarter worth about $644,753,000. Wellington Management Group LLP lifted its position in shares of Madrigal Pharmaceuticals by 14.1% during the fourth quarter. Wellington Management Group LLP now owns 461,402 shares of the biopharmaceutical company’s stock valued at $268,693,000 after buying an additional 56,947 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Madrigal Pharmaceuticals by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 451,743 shares of the biopharmaceutical company’s stock valued at $263,114,000 after buying an additional 5,510 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Madrigal Pharmaceuticals by 21.9% in the 4th quarter. Invesco Ltd. now owns 365,314 shares of the biopharmaceutical company’s stock valued at $212,737,000 after buying an additional 65,749 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MDGL. 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. Bank of America lowered 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 note on Thursday, June 11th. Wolfe Research raised shares of Madrigal Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $605.00 price target on the stock in a report on Tuesday, August 4th. HC Wainwright reaffirmed a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 31st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. Fifteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $699.64.

Madrigal Pharmaceuticals Stock Up 5.2%

NASDAQ:MDGL opened at $538.88 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. Madrigal Pharmaceuticals, Inc. has a twelve month low of $393.61 and a twelve month high of $615.00. The company has a market cap of $12.45 billion, a PE ratio of -41.81 and a beta of -1.01. The company’s 50 day moving average is $525.64 and its two-hundred day moving average is $502.07.

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

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, General Counsel Shannon T. Kelley sold 664 shares of Madrigal Pharmaceuticals 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 completion of the sale, the general counsel owned 11,474 shares of the company’s stock, valued at approximately $5,908,765.78. The trade was a 5.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David Soergel sold 1,042 shares of Madrigal Pharmaceuticals stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $495.74, for a total value of $516,561.08. Following the sale, the insider directly owned 10,033 shares of the company’s stock, valued at approximately $4,973,759.42. This represents a 9.41% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 17.60% of the company’s stock.

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.