QRG Capital Management Inc. Reduces Stock Position in Madrigal Pharmaceuticals, Inc. $MDGL

QRG Capital Management Inc. reduced its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 4.3% in the second quarter, HoldingsChannel.com reports. The firm owned 695 shares of the biopharmaceutical company’s stock after selling 31 shares during the period. QRG Capital Management Inc.’s holdings in Madrigal Pharmaceuticals were worth $210,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. VSM Wealth Advisory LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the first quarter worth about $25,000. Accent Capital Management LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the first quarter worth about $25,000. Summit Securities Group LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the first quarter worth about $33,000. Farther Finance Advisors LLC boosted its holdings in shares of Madrigal Pharmaceuticals by 825.0% during the first quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company’s stock worth $36,000 after purchasing an additional 99 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in shares of Madrigal Pharmaceuticals by 131.4% during the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 67 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Rebecca Taub sold 43,263 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $355.69, for a total transaction of $15,388,216.47. Following the completion of the transaction, the director directly owned 461,044 shares in the company, valued at approximately $163,988,740.36. This trade represents a 8.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William John Sibold sold 7,616 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Thursday, August 21st. The shares were 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 of the company’s stock, valued at $43,920,955.54. The trade was a 6.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders bought 165,683 shares of company stock valued at $61,921,142 and sold 309,019 shares valued at $112,705,072. Company insiders own 21.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Cowen reiterated a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 26th. JMP Securities increased their target price on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a “market outperform” rating in a report on Wednesday, August 20th. HC Wainwright assumed coverage on shares of Madrigal Pharmaceuticals in a report on Thursday, September 4th. They set a “buy” rating and a $500.00 target price for the company. Oppenheimer increased their target price on shares of Madrigal Pharmaceuticals from $500.00 to $590.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, October 8th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $525.88.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL opened at $429.60 on Monday. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.11 and a quick ratio of 4.78. Madrigal Pharmaceuticals, Inc. has a one year low of $200.63 and a one year high of $463.63. The company has a 50-day simple moving average of $414.50 and a two-hundred day simple moving average of $340.77. The firm has a market capitalization of $9.54 billion, a PE ratio of -33.43 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data 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 net margin of 54.68% and a negative return on equity of 38.38%. The business had revenue of $212.80 million during the quarter, compared to analyst estimates of $158.94 million. During the same period last year, the business posted ($7.10) earnings per share. Madrigal Pharmaceuticals’s quarterly revenue was up 1357.5% compared to the same quarter last year. On average, analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

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.