Algert Global LLC Acquires New Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Algert Global LLC bought a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,269 shares of the biopharmaceutical company’s stock, valued at approximately $356,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its position in shares of Madrigal Pharmaceuticals by 16.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,678 shares of the biopharmaceutical company’s stock worth $9,996,000 after purchasing an additional 4,937 shares during the period. Paulson & CO. Inc. increased its position in Madrigal Pharmaceuticals by 4.2% in the second quarter. Paulson & CO. Inc. now owns 1,850,000 shares of the biopharmaceutical company’s stock worth $518,296,000 after buying an additional 75,000 shares during the period. Fred Alger Management LLC lifted its stake in Madrigal Pharmaceuticals by 58.7% in the second quarter. Fred Alger Management LLC now owns 102,455 shares of the biopharmaceutical company’s stock valued at $28,704,000 after buying an additional 37,879 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Madrigal Pharmaceuticals during the second quarter valued at $476,000. Finally, Tri Locum Partners LP boosted its holdings in shares of Madrigal Pharmaceuticals by 22.5% during the second quarter. Tri Locum Partners LP now owns 65,352 shares of the biopharmaceutical company’s stock valued at $18,309,000 after acquiring an additional 11,997 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on MDGL shares. Cantor Fitzgerald reiterated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, July 23rd. Citigroup cut their price target on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. JMP Securities increased their price objective on Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the stock a “market outperform” rating in a report on Tuesday, July 16th. Evercore ISI lowered their target price on Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Finally, StockNews.com upgraded Madrigal Pharmaceuticals to a “sell” rating in a research report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $343.83.

Madrigal Pharmaceuticals Price Performance

Shares of Madrigal Pharmaceuticals stock opened at $216.77 on Wednesday. Madrigal Pharmaceuticals, Inc. has a 52 week low of $119.76 and a 52 week high of $299.98. The company has a current ratio of 8.72, a quick ratio of 8.67 and a debt-to-equity ratio of 0.14. The stock has a market cap of $4.62 billion, a PE ratio of -9.39 and a beta of -0.44. The company’s 50-day moving average price is $239.63 and its two-hundred day moving average price is $246.11.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($7.10) EPS for the quarter, beating the consensus estimate of ($7.55) by $0.45. The business had revenue of $14.64 million for the quarter, compared to analyst estimates of $4.25 million. The firm’s revenue for the quarter was up 146280.0% on a year-over-year basis. During the same period in the prior year, the company earned ($4.69) earnings per share. As a group, sell-side analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -27.67 EPS for the current fiscal year.

Insider Activity

In other news, CEO William John Sibold sold 6,363 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $243.83, for a total transaction of $1,551,490.29. Following the completion of the sale, the chief executive officer now directly owns 55,887 shares of the company’s stock, valued at $13,626,927.21. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 23.92% of the company’s stock.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.