Bank of America Corp DE Trims Stock Holdings in Madrigal Pharmaceuticals, Inc. $MDGL

Bank of America Corp DE decreased its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 54.4% during the first quarter, HoldingsChannel.com reports. The firm owned 189,527 shares of the biopharmaceutical company’s stock after selling 226,498 shares during the quarter. Bank of America Corp DE’s holdings in Madrigal Pharmaceuticals were worth $99,212,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Janus Henderson Group PLC boosted its stake in shares of Madrigal Pharmaceuticals by 27.4% during the first quarter. Janus Henderson Group PLC now owns 2,018,647 shares of the biopharmaceutical company’s stock valued at $1,051,727,000 after purchasing an additional 433,804 shares during the period. Wellington Management Group LLP lifted its holdings in Madrigal Pharmaceuticals by 5,381.2% during the 3rd quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock valued at $185,507,000 after buying an additional 397,076 shares in the last quarter. Norges Bank purchased a new stake in Madrigal Pharmaceuticals in the 4th quarter valued at about $114,368,000. Deutsche Bank AG grew its stake in Madrigal Pharmaceuticals by 414.5% in the 4th quarter. Deutsche Bank AG now owns 192,109 shares of the biopharmaceutical company’s stock worth $111,873,000 after acquiring an additional 154,767 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its stake in Madrigal Pharmaceuticals by 139.7% in the 4th quarter. Lord Abbett & CO. LLC now owns 244,796 shares of the biopharmaceutical company’s stock worth $142,555,000 after acquiring an additional 142,653 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Madrigal Pharmaceuticals Stock Performance

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

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) EPS for the quarter, topping analysts’ consensus estimates of ($2.68) by $0.69. The company had revenue of $364.25 million for 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 for the quarter was up 71.2% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.90) EPS. As a group, sell-side analysts forecast that Madrigal Pharmaceuticals, Inc. will post -7.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MDGL. Bank of America decreased their price target on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating for the company in a research note on Thursday, June 11th. Citigroup reaffirmed an “outperform” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. Canaccord Genuity Group lifted their price objective on Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Piper Sandler reaffirmed an “overweight” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, June 24th. Finally, Barclays dropped their target price on shares of Madrigal Pharmaceuticals from $964.00 to $962.00 and set an “overweight” rating on the stock in a report on Monday. Fifteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $689.93.

Insider Activity

In other news, insider David Soergel sold 1,042 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $495.74, for a total transaction of $516,561.08. Following the completion of the transaction, the insider directly owned 10,033 shares of the company’s stock, valued at $4,973,759.42. This represents a 9.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 on Friday, May 22nd. The shares were sold at an average price of $515.44, for a total value of $2,928,730.08. Following the completion of the sale, the director owned 22,015 shares in the company, valued at approximately $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. In the last ninety days, insiders sold 7,568 shares of company stock worth $3,880,711. Insiders own 17.60% of the company’s stock.

Madrigal Pharmaceuticals Profile

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.