Insider Selling: Madrigal Pharmaceuticals (NASDAQ:MDGL) General Counsel Sells $341,940.08 in Stock

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) General Counsel Shannon Kelley sold 664 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $514.97, for a total value of $341,940.08. Following the sale, the general counsel directly owned 11,474 shares in the company, valued at $5,908,765.78. The trade was a 5.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Madrigal Pharmaceuticals Price Performance

NASDAQ:MDGL opened at $516.74 on Friday. The firm has a market capitalization of $11.94 billion, a price-to-earnings ratio of -40.09 and a beta of -1.01. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.20 and a quick ratio of 2.94. The business has a 50 day simple moving average of $524.40 and a 200-day simple moving average of $501.02. Madrigal Pharmaceuticals, Inc. has a 1 year low of $393.61 and a 1 year high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share 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 for the quarter, compared to the consensus estimate of $352.13 million. During the same quarter in the previous year, the company posted ($1.90) EPS. 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 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on MDGL. HC Wainwright reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 31st. Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. UBS Group reaffirmed a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 31st. Citigroup reiterated an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. Finally, Canaccord Genuity Group raised their price target on Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Fifteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $689.93.

Hedge Funds Weigh In On Madrigal Pharmaceuticals

A number of institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC raised its stake in shares of Madrigal Pharmaceuticals by 27.4% during the first quarter. Janus Henderson Group PLC now owns 2,018,647 shares of the biopharmaceutical company’s stock valued at $1,051,727,000 after acquiring an additional 433,804 shares in the last quarter. Jupiter Topco LLC bought a new position in Madrigal Pharmaceuticals in the second quarter worth approximately $1,039,650,000. Paulson & CO. Inc. bought a new position in Madrigal Pharmaceuticals in the second quarter worth approximately $719,524,000. BlackRock Inc. purchased a new position in Madrigal Pharmaceuticals during the 2nd quarter worth $644,753,000. Finally, Wellington Management Group LLP increased its holdings in Madrigal Pharmaceuticals by 18.8% during the 2nd quarter. Wellington Management Group LLP now owns 825,714 shares of the biopharmaceutical company’s stock worth $443,367,000 after purchasing an additional 130,756 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.