Mirae Asset Global Investments Co. Ltd. Grows Stock Position in Madrigal Pharmaceuticals, Inc. $MDGL

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 0.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,559 shares of the biopharmaceutical company’s stock after acquiring an additional 218 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.32% of Madrigal Pharmaceuticals worth $21,354,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MDGL. Adage Capital Partners GP L.L.C. increased its stake in Madrigal Pharmaceuticals by 860.0% during the first quarter. Adage Capital Partners GP L.L.C. now owns 191,609 shares of the biopharmaceutical company’s stock worth $63,467,000 after acquiring an additional 171,649 shares during the last quarter. MPM Bioimpact LLC acquired a new stake in Madrigal Pharmaceuticals during the first quarter worth $33,260,000. Lord Abbett & CO. LLC increased its stake in Madrigal Pharmaceuticals by 141.3% during the first quarter. Lord Abbett & CO. LLC now owns 118,024 shares of the biopharmaceutical company’s stock worth $39,093,000 after acquiring an additional 69,107 shares during the last quarter. Federated Hermes Inc. acquired a new stake in Madrigal Pharmaceuticals during the first quarter worth $19,220,000. Finally, Paulson & CO. Inc. increased its stake in Madrigal Pharmaceuticals by 2.8% during the first quarter. Paulson & CO. Inc. now owns 2,099,523 shares of the biopharmaceutical company’s stock worth $695,425,000 after acquiring an additional 57,523 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. UBS Group reissued a “buy” rating and set a $523.00 target price (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 12th. HC Wainwright assumed coverage on Madrigal Pharmaceuticals in a research note on Thursday, September 4th. They set a “buy” rating and a $500.00 target price for the company. Cowen reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research note on Saturday, September 27th. Finally, Canaccord Genuity Group lifted their price objective on Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $495.88.

Madrigal Pharmaceuticals Trading Down 1.5%

MDGL opened at $443.01 on Friday. Madrigal Pharmaceuticals, Inc. has a 12 month low of $200.63 and a 12 month high of $463.63. The stock has a market capitalization of $9.84 billion, a price-to-earnings ratio of -34.48 and a beta of -1.02. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.11 and a quick ratio of 4.78. The business has a fifty day moving average price of $400.69 and a 200 day moving average price of $337.48.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) EPS for the quarter, topping the consensus estimate of ($3.48) by $1.58. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%.The firm had revenue of $212.80 million during the quarter, compared to analysts’ expectations of $158.94 million. During the same period in the previous year, the firm posted ($7.10) EPS. Madrigal Pharmaceuticals’s revenue for the quarter was up 1357.5% on a year-over-year basis. Sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Insider Activity

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 7,616 shares of Madrigal Pharmaceuticals stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $400.18, for a total transaction of $3,047,770.88. Following the completion of the sale, the chief executive officer directly owned 109,753 shares of the company’s stock, valued at $43,920,955.54. The trade was a 6.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Paul A. Friedman sold 129,172 shares of Madrigal Pharmaceuticals stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $370.24, for a total value of $47,824,641.28. Following the sale, the director directly owned 187,164 shares of the company’s stock, valued at $69,295,599.36. This trade represents a 40.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders acquired 165,683 shares of company stock worth $61,921,142 and sold 309,019 shares worth $112,705,072. Company insiders own 21.50% of the company’s stock.

Madrigal Pharmaceuticals Company Profile

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.