Sanctuary Advisors LLC Takes $601,000 Position in Madrigal Pharmaceuticals, Inc. $MDGL

Sanctuary Advisors LLC purchased a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 1,120 shares of the biopharmaceutical company’s stock, valued at approximately $601,000.

A number of other institutional investors and hedge funds have also made changes to their positions in MDGL. Hsbc Holdings PLC bought a new stake in Madrigal Pharmaceuticals during the second quarter worth approximately $309,000. Qube Research & Technologies Ltd bought a new position in Madrigal Pharmaceuticals in the 2nd quarter valued at $1,163,000. Sei Investments Co. grew its holdings in shares of Madrigal Pharmaceuticals by 73.6% in the second quarter. Sei Investments Co. now owns 17,542 shares of the biopharmaceutical company’s stock worth $5,309,000 after purchasing an additional 7,438 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of 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 worth $7,087,000 after acquiring an additional 471 shares during the period. Finally, Bayesian Capital Management LP bought a new stake in Madrigal Pharmaceuticals during the 2nd quarter valued at $418,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, insider David Soergel sold 1,042 shares of the business’s stock in a transaction 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 transaction, the insider 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Shannon T. Kelley sold 664 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $514.97, for a total transaction of $341,940.08. Following the transaction, the general counsel directly owned 11,474 shares in the company, valued at approximately $5,908,765.78. The trade was a 5.47% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 17.60% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

Shares of Madrigal Pharmaceuticals stock opened at $533.76 on Friday. The business has a 50 day simple moving average of $526.96 and a two-hundred day simple moving average of $502.76. Madrigal Pharmaceuticals, Inc. has a 12 month low of $393.61 and a 12 month high of $615.00. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.20 and a quick ratio of 2.94. The stock has a market capitalization of $12.33 billion, a P/E ratio of -41.41 and a beta of -1.01.

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

Analysts Set New Price Targets

MDGL has been the topic of a number of research reports. Canaccord Genuity Group raised their target price on shares of Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Bank of America lowered their price target on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating for the company in a report on Thursday, June 11th. Piper Sandler reaffirmed an “overweight” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, June 24th. Wolfe Research raised shares of Madrigal Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $605.00 price objective on the stock in a report on Tuesday, August 4th. Finally, Barclays dropped their target price on Madrigal Pharmaceuticals from $964.00 to $962.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. Fifteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $699.64.

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.