Hsbc Holdings PLC Invests $646,000 in Madrigal Pharmaceuticals, Inc. $MDGL

Hsbc Holdings PLC bought a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the 4th quarter, Holdings Channel.com reports. The firm bought 1,100 shares of the biopharmaceutical company’s stock, valued at approximately $646,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. lifted its holdings in Madrigal Pharmaceuticals by 6.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 19,661 shares of the biopharmaceutical company’s stock worth $11,449,000 after purchasing an additional 1,210 shares in the last quarter. Groupama Asset Managment grew its holdings in Madrigal Pharmaceuticals by 11.6% during the 4th quarter. Groupama Asset Managment now owns 30,620 shares of the biopharmaceutical company’s stock valued at $17,831,000 after buying an additional 3,176 shares in the last quarter. Seven Fleet Capital Management LP purchased a new stake in Madrigal Pharmaceuticals during the 4th quarter valued at approximately $1,083,000. Invesco Ltd. raised its position in shares of Madrigal Pharmaceuticals by 21.9% during the fourth 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 during the last quarter. Finally, EP Wealth Advisors LLC purchased a new position in shares of Madrigal Pharmaceuticals in the fourth quarter worth $355,000. Institutional investors own 98.50% of the company’s stock.

Insiders Place Their Bets

In other news, insider David Soergel sold 1,042 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $495.74, for a total transaction of $516,561.08. Following the sale, the insider directly owned 10,033 shares in the company, valued at approximately $4,973,759.42. This represents a 9.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 dated 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 completion of the transaction, the director directly owned 22,015 shares of the company’s stock, valued at approximately $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 a total of 7,568 shares of company stock valued at $3,880,711 over the last three months. Corporate insiders own 17.60% of the company’s stock.

Madrigal Pharmaceuticals Stock Up 2.5%

NASDAQ MDGL opened at $550.25 on Thursday. The stock has a 50 day moving average price of $512.65 and a 200-day moving average price of $501.89. Madrigal Pharmaceuticals, Inc. has a one year low of $286.44 and a one year high of $615.00. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.16 and a current ratio of 3.50. The company has a market capitalization of $12.69 billion, a P/E ratio of -42.99 and a beta of -1.05.

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on MDGL shares. Truist Financial upped their target price on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, April 21st. Evercore set a $649.00 price objective on shares of Madrigal Pharmaceuticals in a report on Thursday, May 7th. Finally, Wells Fargo & Company upgraded Madrigal Pharmaceuticals to an “overweight” rating in a research report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has assigned 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 $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.