Norges Bank Buys New Position in Madrigal Pharmaceuticals, Inc. $MDGL

Norges Bank bought a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 196,393 shares of the biopharmaceutical company’s stock, valued at approximately $114,368,000. Norges Bank owned 0.86% of Madrigal Pharmaceuticals at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. Baker BROS. Advisors LP increased its stake in shares of Madrigal Pharmaceuticals by 8.4% in the 3rd quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock valued at $982,313,000 after acquiring an additional 165,683 shares in the last quarter. Iron Triangle Partners LP acquired a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at $26,776,000. Toth Financial Advisory Corp bought a new position in Madrigal Pharmaceuticals during the fourth quarter worth $1,165,000. Peak Financial Advisors LLC boosted its stake in Madrigal Pharmaceuticals by 287.0% during the fourth quarter. Peak Financial Advisors LLC now owns 4,466 shares of the biopharmaceutical company’s stock worth $2,601,000 after acquiring an additional 3,312 shares in the last quarter. Finally, Capricorn Fund Managers Ltd acquired a new stake in Madrigal Pharmaceuticals in the fourth quarter worth $3,843,000. 98.50% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on MDGL. Bank of America decreased their price target on shares of Madrigal Pharmaceuticals from $570.00 to $529.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. Citigroup restated a “market outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Monday. Evercore set a $649.00 target price on Madrigal Pharmaceuticals in a research report on Thursday, May 7th. HC Wainwright reaffirmed a “buy” rating and set a $620.00 price target on shares of Madrigal Pharmaceuticals in a research note on Wednesday, May 6th. Finally, Truist Financial increased their price target on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a 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 given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Madrigal Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $687.00.

Insider Transactions at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, insider David Soergel sold 1,042 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $495.74, for a total transaction of $516,561.08. Following the completion of the sale, the insider directly 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of the stock in a transaction that occurred 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 sale, the director directly owned 22,015 shares of the company’s stock, valued at approximately $11,347,411.60. This trade represents a 20.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,568 shares of company stock valued at $3,880,711 in the last quarter. Company insiders own 17.60% of the company’s stock.

Madrigal Pharmaceuticals Stock Up 1.0%

Madrigal Pharmaceuticals stock opened at $492.83 on Friday. Madrigal Pharmaceuticals, Inc. has a 1-year low of $271.95 and a 1-year high of $615.00. The firm has a market capitalization of $11.36 billion, a price-to-earnings ratio of -38.50 and a beta of -1.07. The firm’s fifty day moving average price is $516.40 and its two-hundred day moving average price is $514.12. The company has a current ratio of 3.50, a quick ratio of 3.16 and a debt-to-equity ratio of 0.63.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) 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 the consensus estimate of $301.05 million. During the same period in the previous year, the firm posted ($3.32) earnings per share. The firm’s revenue for the quarter was up 126.8% on a year-over-year basis. On average, equities research analysts predict that Madrigal Pharmaceuticals, Inc. will post -7.23 earnings per share for the current fiscal year.

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.