Corton Capital Inc. Invests $210,000 in Madrigal Pharmaceuticals, Inc. $MDGL

Corton Capital Inc. acquired a new position 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 acquired 695 shares of the biopharmaceutical company’s stock, valued at approximately $210,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Mutual of America Capital Management LLC increased its holdings in Madrigal Pharmaceuticals by 0.3% during the first quarter. Mutual of America Capital Management LLC now owns 11,263 shares of the biopharmaceutical company’s stock worth $3,731,000 after buying an additional 31 shares during the last quarter. Park Avenue Securities LLC increased its holdings in Madrigal Pharmaceuticals by 6.6% during the second quarter. Park Avenue Securities LLC now owns 699 shares of the biopharmaceutical company’s stock worth $212,000 after buying an additional 43 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in Madrigal Pharmaceuticals by 38.9% during the first quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company’s stock worth $52,000 after buying an additional 44 shares during the last quarter. AlphaQuest LLC increased its holdings in Madrigal Pharmaceuticals by 412.5% during the second quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 66 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in Madrigal Pharmaceuticals by 131.4% during the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company’s stock worth $39,000 after buying an additional 67 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MDGL shares. Cantor Fitzgerald upgraded shares of Madrigal Pharmaceuticals from a “neutral” rating to an “overweight” rating in a report on Tuesday. HC Wainwright began coverage on shares of Madrigal Pharmaceuticals in a report on Thursday, September 4th. They set a “buy” rating and a $500.00 target price on the stock. Bank of America upgraded shares of Madrigal Pharmaceuticals from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $266.00 to $445.00 in a report on Monday. Piper Sandler upped their price objective on shares of Madrigal Pharmaceuticals from $400.00 to $540.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, October 8th. Twelve analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $524.73.

Insider Buying and Selling

In other news, General Counsel Shannon T. Kelley sold 1,304 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $367.81, for a total value of $479,624.24. Following the completion of the sale, the general counsel owned 9,173 shares of the company’s stock, valued at approximately $3,373,921.13. The trade was a 12.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William John Sibold sold 7,279 shares of the business’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $445.63, for a total transaction of $3,243,740.77. Following the completion of the sale, the chief executive officer directly owned 102,474 shares of the company’s stock, valued at approximately $45,665,488.62. The trade was a 6.63% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have purchased 165,683 shares of company stock valued at $61,921,142 and have sold 248,642 shares valued at $91,388,103. Insiders own 21.50% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

NASDAQ:MDGL opened at $444.64 on Wednesday. The firm’s fifty day moving average price is $434.07 and its two-hundred day moving average price is $354.57. The company has a market cap of $9.87 billion, a P/E ratio of -34.60 and a beta of -1.02. Madrigal Pharmaceuticals, Inc. has a one year low of $265.00 and a one year high of $469.95. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.11 and a quick ratio of 4.78.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.01) by ($3.07). The business had revenue of $287.27 million during the quarter, compared to the consensus estimate of $244.33 million. Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. Equities analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.