Madrigal Pharmaceuticals, Inc. $MDGL Stock Position Raised by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lifted its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 139.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 244,796 shares of the biopharmaceutical company’s stock after buying an additional 142,653 shares during the period. Lord Abbett & CO. LLC owned 1.08% of Madrigal Pharmaceuticals worth $142,555,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Baker BROS. Advisors LP raised its holdings in shares of Madrigal Pharmaceuticals by 8.4% during the third quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock valued at $982,313,000 after buying an additional 165,683 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Madrigal Pharmaceuticals by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 451,743 shares of the biopharmaceutical company’s stock worth $263,114,000 after buying an additional 5,510 shares during the period. William Blair Investment Management LLC grew its holdings in Madrigal Pharmaceuticals by 17.6% in the 3rd quarter. William Blair Investment Management LLC now owns 411,802 shares of the biopharmaceutical company’s stock worth $188,877,000 after buying an additional 61,513 shares in the last quarter. Wellington Management Group LLP grew its holdings in Madrigal Pharmaceuticals by 5,381.2% in the 3rd quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock worth $185,507,000 after buying an additional 397,076 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in Madrigal Pharmaceuticals by 49.5% in the 3rd quarter. Invesco Ltd. now owns 299,565 shares of the biopharmaceutical company’s stock worth $137,398,000 after buying an additional 99,209 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Trading Up 1.4%

Madrigal Pharmaceuticals stock opened at $480.77 on Friday. The firm has a 50 day simple moving average of $512.55 and a 200-day simple moving average of $511.22. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.50 and a quick ratio of 3.16. The stock has a market capitalization of $11.09 billion, a PE ratio of -37.56 and a beta of -1.07. Madrigal Pharmaceuticals, Inc. has a 12-month low of $275.00 and a 12-month high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings data 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 during 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%. The business’s revenue was up 126.8% on a year-over-year basis. During the same period last year, the firm posted ($3.32) earnings per share. As a group, equities research analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.23 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on MDGL shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, April 21st. HC Wainwright reissued a “buy” rating and issued a $620.00 price objective on shares of Madrigal Pharmaceuticals in a report on Wednesday, May 6th. Zacks Research raised Madrigal Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Friday, February 20th. Truist Financial increased their price objective on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Finally, Canaccord Genuity Group decreased their price objective on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a report on Thursday, May 7th. One 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 assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $687.93.

Insider Activity at Madrigal Pharmaceuticals

In other news, 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 value of $2,928,730.08. Following the completion of the transaction, the director directly owned 22,015 shares in the company, valued at $11,347,411.60. This trade represents a 20.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the 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 of the company’s stock, valued at $4,973,759.42. This trade represents a 9.41% 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 sold 7,568 shares of company stock valued at $3,880,711 over the last quarter. Insiders own 17.60% of the company’s stock.

Madrigal Pharmaceuticals Company 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.