Hsbc Holdings PLC Increases Position in Madrigal Pharmaceuticals, Inc. $MDGL

Hsbc Holdings PLC increased its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 1,738.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,240 shares of the biopharmaceutical company’s stock after acquiring an additional 19,139 shares during the quarter. Hsbc Holdings PLC’s holdings in Madrigal Pharmaceuticals were worth $10,868,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jupiter Topco LLC purchased a new position in shares of Madrigal Pharmaceuticals during the 2nd quarter worth $1,039,650,000. Paulson & CO. Inc. purchased a new position in Madrigal Pharmaceuticals in the second quarter valued at approximately $719,524,000. BlackRock Inc. acquired a new position in shares of Madrigal Pharmaceuticals during the 2nd quarter valued at $644,753,000. Janus Henderson Group PLC boosted its position in shares of Madrigal Pharmaceuticals by 27.4% in the first quarter. Janus Henderson Group PLC now owns 2,018,647 shares of the biopharmaceutical company’s stock worth $1,051,727,000 after buying an additional 433,804 shares during the period. Finally, Wellington Management Group LLP grew its position in Madrigal Pharmaceuticals by 5,381.2% in the third quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock valued at $185,507,000 after acquiring an additional 397,076 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Madrigal Pharmaceuticals

In related news, General Counsel Shannon Kelley sold 664 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $514.97, for a total value of $341,940.08. Following the completion of the sale, the general counsel owned 11,474 shares of the company’s stock, valued at $5,908,765.78. This represents a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 17.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MDGL. Citigroup restated an “outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 17th. Piper Sandler reiterated an “overweight” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, June 24th. Wells Fargo & Company began coverage on shares of Madrigal Pharmaceuticals in a research note on Monday, July 27th. They issued an “overweight” rating and a $685.00 price target for the company. UBS Group reiterated a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 31st. Finally, Bank of America dropped their target price on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating for the company in a research report on Thursday, June 11th. Fifteen 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 MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $699.64.

Madrigal Pharmaceuticals Trading Up 2.3%

Shares of NASDAQ:MDGL opened at $546.66 on Thursday. The company has a quick ratio of 2.94, a current ratio of 3.20 and a debt-to-equity ratio of 0.65. The company’s 50-day moving average price is $530.77 and its 200 day moving average price is $506.75. The company has a market cap of $12.63 billion, a PE ratio of -42.41 and a beta of -0.98. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $393.61 and a fifty-two week high of $615.00.

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

Madrigal Pharmaceuticals Company 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.