Pictet Asset Management Holding SA Raises Stock Holdings in Madrigal Pharmaceuticals, Inc. $MDGL

Pictet Asset Management Holding SA boosted its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 2.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 187,240 shares of the biopharmaceutical company’s stock after acquiring an additional 5,291 shares during the quarter. Pictet Asset Management Holding SA owned 0.82% of Madrigal Pharmaceuticals worth $97,914,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of MDGL. Eastern Bank boosted its stake in shares of Madrigal Pharmaceuticals by 32.3% during the fourth quarter. Eastern Bank now owns 86 shares of the biopharmaceutical company’s stock valued at $50,000 after purchasing an additional 21 shares during the period. Centaurus Financial Inc. grew its holdings in shares of Madrigal Pharmaceuticals by 5.0% in the third quarter. Centaurus Financial Inc. now owns 709 shares of the biopharmaceutical company’s stock worth $325,000 after purchasing an additional 34 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Madrigal Pharmaceuticals by 34.6% in the 4th quarter. Farther Finance Advisors LLC now owns 140 shares of the biopharmaceutical company’s stock worth $82,000 after buying an additional 36 shares during the period. Accent Capital Management LLC lifted its holdings in Madrigal Pharmaceuticals by 64.9% during the 4th quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company’s stock valued at $55,000 after buying an additional 37 shares in the last quarter. Finally, Swiss Life Asset Management Ltd boosted its position in Madrigal Pharmaceuticals by 6.8% in the 4th quarter. Swiss Life Asset Management Ltd now owns 690 shares of the biopharmaceutical company’s stock valued at $402,000 after buying an additional 44 shares during the period. Institutional investors own 98.50% of the company’s stock.

Insider Activity

In related news, insider David Soergel sold 1,042 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider owned 10,033 shares in the company, valued at $4,973,759.42. The trade was a 9.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $515.44, for a total transaction of $2,928,730.08. Following the sale, the director directly owned 22,015 shares of the company’s stock, valued at $11,347,411.60. The trade was a 20.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,568 shares of company stock worth $3,880,711 in the last quarter. 17.60% of the stock is owned by insiders.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL stock opened at $512.65 on Monday. The firm has a market cap of $11.82 billion, a price-to-earnings ratio of -40.05 and a beta of -1.07. Madrigal Pharmaceuticals, Inc. has a 52-week low of $284.02 and a 52-week 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 company’s 50 day moving average is $508.59 and its 200 day moving average is $505.18.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.61) by $0.36. The business had revenue of $311.34 million for the quarter, compared to analysts’ expectations of $301.05 million. Madrigal Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 27.32%.The business’s revenue for the quarter was up 126.8% on a year-over-year basis. During the same quarter last year, the firm earned ($3.32) EPS. On average, sell-side analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -7.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MDGL shares. Canaccord Genuity Group reduced their target price on shares of Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. HC Wainwright reiterated a “buy” rating and issued a $620.00 price target on shares of Madrigal Pharmaceuticals in a report on Wednesday, May 6th. Truist Financial increased their price objective on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Wells Fargo & Company upgraded Madrigal Pharmaceuticals to an “overweight” rating in a report on Monday, June 1st. Finally, Bank of America lowered their target price on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating for the company in a report on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Madrigal Pharmaceuticals 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.