Strid Group LLC Buys Shares of 2,500 Madrigal Pharmaceuticals, Inc. $MDGL

Strid Group LLC bought a new stake in 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 bought 2,500 shares of the biopharmaceutical company’s stock, valued at approximately $757,000.

Several other large investors also recently added to or reduced their stakes in MDGL. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Madrigal Pharmaceuticals during the 4th quarter worth $210,000. GAMMA Investing LLC grew its holdings in shares of Madrigal Pharmaceuticals by 76,537.3% during the 1st quarter. GAMMA Investing LLC now owns 39,085 shares of the biopharmaceutical company’s stock worth $12,946,000 after purchasing an additional 39,034 shares during the period. Parallel Advisors LLC grew its holdings in shares of Madrigal Pharmaceuticals by 42.7% during the 1st quarter. Parallel Advisors LLC now owns 284 shares of the biopharmaceutical company’s stock worth $94,000 after purchasing an additional 85 shares during the period. Rhumbline Advisers grew its holdings in shares of Madrigal Pharmaceuticals by 7.9% during the 1st quarter. Rhumbline Advisers now owns 26,364 shares of the biopharmaceutical company’s stock worth $8,733,000 after purchasing an additional 1,924 shares during the period. Finally, Park Avenue Securities LLC purchased a new position in shares of Madrigal Pharmaceuticals during the 1st quarter worth $217,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MDGL has been the subject of a number of research analyst reports. B. Riley increased their price target on Madrigal Pharmaceuticals from $460.00 to $560.00 and gave the stock a “buy” rating in a report on Monday, September 29th. UBS Group reiterated a “buy” rating and set a $523.00 price target (up from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Saturday, September 27th. HC Wainwright initiated coverage on Madrigal Pharmaceuticals in a research note on Thursday, September 4th. They set a “buy” rating and a $500.00 target price on the stock. Finally, JMP Securities increased their target price on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a “market outperform” rating in a research note on Wednesday, August 20th. Nine investment 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $495.88.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ MDGL opened at $443.01 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $200.63 and a fifty-two week high of $463.63. The firm has a market capitalization of $9.83 billion, a PE ratio of -34.48 and a beta of -1.02. The stock’s 50-day simple moving average is $400.69 and its 200-day simple moving average is $337.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share 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 business had revenue of $212.80 million for the quarter, compared to analyst estimates of $158.94 million. During the same quarter last year, the company earned ($7.10) EPS. The business’s quarterly revenue was up 1357.5% on a year-over-year basis. As a group, equities research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Insider Activity

In related news, CEO William John Sibold sold 7,616 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer owned 109,753 shares in the company, valued at $43,920,955.54. This trade represents a 6.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Rebecca Taub sold 43,263 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $355.69, for a total value of $15,388,216.47. Following the transaction, the director owned 461,044 shares in the company, valued at $163,988,740.36. This represents a 8.58% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 165,683 shares of company stock worth $61,921,142 and have sold 309,019 shares worth $112,705,072. 21.50% of the stock is owned by corporate insiders.

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.