1,236 Shares in Madrigal Pharmaceuticals, Inc. $MDGL Bought by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. acquired a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,236 shares of the biopharmaceutical company’s stock, valued at approximately $664,000.

A number of other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada grew its stake in shares of Madrigal Pharmaceuticals by 22.5% during the 1st quarter. Royal Bank of Canada now owns 12,526 shares of the biopharmaceutical company’s stock valued at $6,557,000 after purchasing an additional 2,303 shares during the period. Jefferies Financial Group Inc. purchased a new position in shares of Madrigal Pharmaceuticals in the fourth quarter worth approximately $1,339,000. Penn Capital Management Company LLC purchased a new position in shares of Madrigal Pharmaceuticals in the fourth quarter worth approximately $1,719,000. Alkeon Capital Management LLC grew its position in Madrigal Pharmaceuticals by 100.0% during the fourth quarter. Alkeon Capital Management LLC now owns 240,000 shares of the biopharmaceutical company’s stock valued at $139,762,000 after buying an additional 120,000 shares during the period. Finally, Lord Abbett & CO. LLC grew its position in Madrigal Pharmaceuticals by 139.7% during the fourth quarter. Lord Abbett & CO. LLC now owns 244,796 shares of the biopharmaceutical company’s stock valued at $142,555,000 after buying an additional 142,653 shares during the period. Institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

MDGL opened at $524.87 on Tuesday. The firm has a market cap of $12.12 billion, a P/E ratio of -40.72 and a beta of -1.01. Madrigal Pharmaceuticals, Inc. has a 1-year low of $351.32 and a 1-year high of $615.00. The company has a 50 day simple moving average of $520.46 and a two-hundred day simple moving average of $500.18. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.20 and a quick ratio of 2.94.

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

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, insider David Soergel sold 1,042 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $495.74, for a total value of $516,561.08. Following the completion of the sale, the insider 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 SEC, which is accessible 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 firm’s stock in a transaction dated 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 sale, the director directly owned 22,015 shares in the company, valued at approximately $11,347,411.60. This represents a 20.51% 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. Corporate insiders own 17.60% of the company’s stock.

Wall Street Analyst Weigh In

MDGL has been the topic of several recent research reports. Bank of America decreased their price target on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a research report on Thursday, June 11th. Citigroup reiterated an “outperform” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. Wolfe Research raised Madrigal Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $605.00 price target for the company in a report on Tuesday, August 4th. Piper Sandler reissued an “overweight” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, June 24th. Finally, HC Wainwright restated a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 31st. Fifteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $689.93.

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.