Canada Pension Plan Investment Board Makes New Investment in Madrigal Pharmaceuticals, Inc. $MDGL

Canada Pension Plan Investment Board acquired a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 29,080 shares of the biopharmaceutical company’s stock, valued at approximately $15,615,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in MDGL. Persistent Asset Partners Ltd bought a new stake in shares of Madrigal Pharmaceuticals during the second quarter worth $29,000. Global Retirement Partners LLC bought a new position in Madrigal Pharmaceuticals in the second quarter valued at about $34,000. Kemnay Advisory Services Inc. bought a new position in Madrigal Pharmaceuticals in the fourth quarter valued at about $39,000. Quarry LP acquired a new stake in Madrigal Pharmaceuticals in the third quarter worth about $39,000. Finally, Accent Capital Management LLC increased its position in Madrigal Pharmaceuticals by 64.9% in the fourth quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company’s stock worth $55,000 after purchasing an additional 37 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Trading Down 1.8%

NASDAQ:MDGL opened at $533.76 on Friday. Madrigal Pharmaceuticals, Inc. has a 1-year low of $393.61 and a 1-year high of $615.00. The business’s 50-day moving average price is $526.96 and its two-hundred day moving average price is $502.76. The company has a current ratio of 3.20, a quick ratio of 2.94 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $12.33 billion, a price-to-earnings ratio of -41.41 and a beta of -1.01.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.68) by $0.69. The company had revenue of $364.25 million during 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 company’s revenue for the quarter was up 71.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.90) EPS. On average, equities analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.03 earnings per share for the current year.

Insider Activity at Madrigal Pharmaceuticals

In related news, insider David Soergel sold 1,042 shares of Madrigal Pharmaceuticals 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 transaction, the insider owned 10,033 shares of the company’s stock, valued at $4,973,759.42. This trade represents a 9.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 that occurred on 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 owned 11,474 shares of the company’s stock, valued at approximately $5,908,765.78. This represents 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. 17.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on MDGL. Piper Sandler restated an “overweight” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, June 24th. Bank of America lowered their price target on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating for the company in a research report on Thursday, June 11th. Evercore set a $649.00 price objective on shares of Madrigal Pharmaceuticals in a report on Thursday, May 7th. Truist Financial raised their price objective on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Finally, Wells Fargo & Company started coverage on shares of Madrigal Pharmaceuticals in a report on Monday, July 27th. They set an “overweight” rating and a $685.00 target price for the company. Fifteen investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $699.64.

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.