Madrigal Pharmaceuticals, Inc. $MDGL Shares Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. boosted its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 674.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 124,214 shares of the biopharmaceutical company’s stock after buying an additional 108,181 shares during the period. Assenagon Asset Management S.A.’s holdings in Madrigal Pharmaceuticals were worth $66,697,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of MDGL. Flagship Harbor Advisors LLC acquired a new position in Madrigal Pharmaceuticals during the fourth quarter valued at $29,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter worth about $39,000. Quarry LP acquired a new stake in Madrigal Pharmaceuticals during the third quarter worth about $39,000. Johnson Financial Group Inc. purchased a new position in Madrigal Pharmaceuticals during the third quarter valued at approximately $50,000. Finally, Accent Capital Management LLC raised its position in Madrigal Pharmaceuticals by 64.9% during the fourth quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company’s stock valued at $55,000 after acquiring an additional 37 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Trading Down 0.1%

MDGL stock opened at $510.04 on Friday. Madrigal Pharmaceuticals, Inc. has a 12-month low of $339.31 and a 12-month high of $615.00. The business’s 50-day moving average is $515.31 and its 200 day moving average is $499.17. The company has a current ratio of 3.20, a quick ratio of 2.94 and a debt-to-equity ratio of 0.65. The stock has a market cap of $11.78 billion, a price-to-earnings ratio of -39.57 and a beta of -1.01.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) EPS for the quarter, beating analysts’ consensus estimates of ($2.68) by $0.69. The business had revenue of $364.25 million during the quarter, compared to analysts’ expectations of $352.13 million. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.The business’s revenue was up 71.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.90) earnings per share. On average, sell-side analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current fiscal year.

Analysts Set New Price Targets

MDGL has been the topic of several recent research reports. Wells Fargo & Company started coverage on Madrigal Pharmaceuticals in a research report on Monday, July 27th. They issued an “overweight” rating and a $685.00 price objective on the stock. Bank of America dropped their price target on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a research report on Thursday, June 11th. Wolfe Research upgraded shares of Madrigal Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $605.00 price objective for the company in a research report on Tuesday. Citigroup restated an “outperform” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. Finally, UBS Group reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 31st. Fifteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $689.93.

Insiders Place Their Bets

In other news, insider David Soergel sold 1,042 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $495.74, for a total value of $516,561.08. Following the completion of the sale, the insider directly owned 10,033 shares in the company, valued at $4,973,759.42. This represents a 9.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $515.44, for a total transaction of $2,928,730.08. Following the transaction, the director owned 22,015 shares in the company, valued at $11,347,411.60. The trade was a 20.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 7,568 shares of company stock valued at $3,880,711 in the last ninety days. Insiders own 17.60% of the company’s stock.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company’s pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-β agonist in Phase 3 development for the treatment of NASH.