Madrigal Pharmaceuticals, Inc. $MDGL Shares Acquired by Royal Bank of Canada

Royal Bank of Canada raised its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 22.5% during the 1st quarter, HoldingsChannel.com reports. The firm owned 12,526 shares of the biopharmaceutical company’s stock after acquiring an additional 2,303 shares during the period. Royal Bank of Canada’s holdings in Madrigal Pharmaceuticals were worth $6,557,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC acquired a new position in shares of Madrigal Pharmaceuticals in the 4th quarter valued at $29,000. Kemnay Advisory Services Inc. acquired a new stake in Madrigal Pharmaceuticals during the 4th quarter worth $39,000. Quarry LP acquired a new stake in Madrigal Pharmaceuticals during the 3rd quarter worth $39,000. Accent Capital Management LLC lifted 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 valued at $55,000 after acquiring an additional 37 shares during the last quarter. Finally, Johnson Financial Group Inc. purchased a new stake in Madrigal Pharmaceuticals in the third quarter valued at $50,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Activity at Madrigal Pharmaceuticals

In other news, insider David Soergel sold 1,042 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider owned 10,033 shares in the company, valued at $4,973,759.42. This represents a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 on Friday, May 22nd. The stock was 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 of the company’s stock, valued at approximately $11,347,411.60. This represents a 20.51% decrease in their ownership of the stock. 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 worth $3,880,711 over the last quarter. Company insiders own 17.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MDGL. Barclays decreased their price objective on shares of Madrigal Pharmaceuticals from $964.00 to $962.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. Citigroup reissued an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. HC Wainwright reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 31st. UBS Group reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 31st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 17th. Fifteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $689.93.

Madrigal Pharmaceuticals Stock Performance

NASDAQ MDGL opened at $535.27 on Wednesday. The company has a quick ratio of 2.94, a current ratio of 3.20 and a debt-to-equity ratio of 0.65. Madrigal Pharmaceuticals, Inc. has a 52-week low of $348.88 and a 52-week high of $615.00. The business’s 50-day moving average price is $517.64 and its 200 day moving average price is $499.49. The firm has a market cap of $12.36 billion, a P/E ratio of -41.53 and a beta of -1.01.

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

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.