Madrigal Pharmaceuticals, Inc. $MDGL Shares Purchased by Verity Asset Management Inc.

Verity Asset Management Inc. boosted its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 10.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,717 shares of the biopharmaceutical company’s stock after buying an additional 157 shares during the period. Verity Asset Management Inc.’s holdings in Madrigal Pharmaceuticals were worth $520,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MDGL. GAMMA Investing LLC grew its holdings in Madrigal Pharmaceuticals by 131.4% in the 1st quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company’s stock valued at $39,000 after buying an additional 67 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in Madrigal Pharmaceuticals by 38.9% in the 1st quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company’s stock valued at $52,000 after buying an additional 44 shares in the last quarter. D.A. Davidson & CO. grew its holdings in Madrigal Pharmaceuticals by 203.9% in the 1st quarter. D.A. Davidson & CO. now owns 2,173 shares of the biopharmaceutical company’s stock valued at $720,000 after buying an additional 1,458 shares in the last quarter. GF Fund Management CO. LTD. grew its holdings in Madrigal Pharmaceuticals by 21.8% in the 1st quarter. GF Fund Management CO. LTD. now owns 558 shares of the biopharmaceutical company’s stock valued at $185,000 after buying an additional 100 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Madrigal Pharmaceuticals by 1.0% in the 1st quarter. Bank of New York Mellon Corp now owns 60,789 shares of the biopharmaceutical company’s stock valued at $20,135,000 after buying an additional 579 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Price Performance

MDGL opened at $418.90 on Monday. The stock’s 50-day moving average price is $433.67 and its 200 day moving average price is $352.78. Madrigal Pharmaceuticals, Inc. has a 12-month low of $238.04 and a 12-month high of $463.63. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17. The firm has a market cap of $9.30 billion, a price-to-earnings ratio of -32.60 and a beta of -1.02.

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MDGL. B. Riley upped their target price on Madrigal Pharmaceuticals from $460.00 to $560.00 and gave the company a “buy” rating in a report on Monday, September 29th. Piper Sandler increased their price target on Madrigal Pharmaceuticals from $400.00 to $540.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. TD Cowen increased their price target on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the stock a “buy” rating in a report on Tuesday, August 26th. Canaccord Genuity Group increased their price target on Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Finally, Cowen reiterated a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 26th. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $532.70.

Insider Buying and Selling

In related news, Director Bros. Advisors Lp Baker purchased 59,901 shares of Madrigal Pharmaceuticals stock in a transaction on Wednesday, August 20th. The shares were bought at an average price of $385.16 per share, with a total value of $23,071,469.16. Following the transaction, the director directly owned 1,947,968 shares of the company’s stock, valued at approximately $750,279,354.88. This trade represents a 3.17% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul A. Friedman sold 129,172 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $370.24, for a total value of $47,824,641.28. Following the completion of the sale, the director directly owned 187,164 shares in the company, valued at $69,295,599.36. This represents a 40.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have acquired 165,683 shares of company stock worth $61,921,142 and have sold 248,642 shares worth $91,388,103. 21.50% of the stock is currently owned by company 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.