Legal & General Group Plc Invests $6.63 Million in Madrigal Pharmaceuticals, Inc. $MDGL

Legal & General Group Plc acquired a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,348 shares of the biopharmaceutical company’s stock, valued at approximately $6,630,000. Legal & General Group Plc owned about 0.05% of Madrigal Pharmaceuticals as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. The Manufacturers Life Insurance Company bought a new position in Madrigal Pharmaceuticals in the second quarter valued at about $6,549,000. Nan Fung Group Holdings Ltd bought a new position in shares of Madrigal Pharmaceuticals in the second quarter worth about $3,045,580. Sanctuary Advisors LLC bought a new position in shares of Madrigal Pharmaceuticals in the second quarter worth about $601,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Madrigal Pharmaceuticals in the 2nd quarter valued at approximately $957,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the 2nd quarter valued at approximately $235,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, General Counsel Shannon T. Kelley sold 664 shares of the firm’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 completion of the transaction, the general counsel owned 11,474 shares in the company, valued at approximately $5,908,765.78. This trade represents a 5.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 17.60% of the company’s stock.

Analyst Ratings Changes

MDGL has been the subject of a number of research analyst reports. Barclays lowered 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 report on Monday, August 3rd. Bank of America decreased their target price on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a research note on Thursday, June 11th. Truist Financial upped their price target on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Citigroup reissued an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. Finally, UBS Group reaffirmed a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 31st. Fifteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $699.64.

Madrigal Pharmaceuticals Stock Performance

NASDAQ MDGL opened at $546.93 on Thursday. The stock has a fifty day simple moving average of $528.76 and a 200 day simple moving average of $504.21. Madrigal Pharmaceuticals, Inc. has a twelve month low of $393.61 and a twelve month high of $615.00. The company has a market capitalization of $12.63 billion, a price-to-earnings ratio of -42.43 and a beta of -0.98. 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 (NASDAQ:MDGL) last issued 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. The company had revenue of $364.25 million during the quarter, compared to the consensus estimate of $352.13 million. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.The firm’s revenue was up 71.2% compared to the same quarter last year. During the same period last year, the company earned ($1.90) earnings per share. Sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current year.

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.