Madrigal Pharmaceuticals (NASDAQ:MDGL) Insider David Soergel Sells 844 Shares

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) insider David Soergel sold 844 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $515.90, for a total transaction of $435,419.60. Following the completion of the transaction, the insider owned 11,075 shares of the company’s stock, valued at $5,713,592.50. This trade represents a 7.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL stock traded down $1.46 during trading hours on Monday, reaching $522.23. The stock had a trading volume of 325,809 shares, compared to its average volume of 348,122. The stock’s fifty day simple moving average is $498.23 and its 200 day simple moving average is $510.90. The company has a current ratio of 3.50, a quick ratio of 3.16 and a debt-to-equity ratio of 0.63. Madrigal Pharmaceuticals, Inc. has a 12 month low of $265.00 and a 12 month high of $615.00. The firm has a market capitalization of $12.04 billion, a PE ratio of -40.80 and a beta of -1.04.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The business had revenue of $311.34 million during the quarter, compared to analyst estimates of $301.05 million. During the same period in the previous year, the business posted ($3.32) earnings per share. Madrigal Pharmaceuticals’s revenue for the quarter was up 126.8% on a year-over-year basis. On average, equities research analysts predict that Madrigal Pharmaceuticals, Inc. will post -6.49 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. HC Wainwright reiterated a “buy” rating and set a $620.00 target price on shares of Madrigal Pharmaceuticals in a research report on Wednesday, May 6th. Bank of America dropped their target price on shares of Madrigal Pharmaceuticals from $570.00 to $529.00 and set a “neutral” rating for the company in a research report on Friday, February 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, April 21st. Citizens Jmp lifted their target price on shares of Madrigal Pharmaceuticals from $527.00 to $745.00 and gave the company a “market outperform” rating in a research report on Tuesday, January 20th. Finally, Truist Financial lifted their price target on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $687.00.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Baker BROS. Advisors LP increased its position in Madrigal Pharmaceuticals by 8.4% during the 3rd quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock valued at $982,313,000 after purchasing an additional 165,683 shares during the period. Wellington Management Group LLP increased its position in Madrigal Pharmaceuticals by 14.1% during the 4th quarter. Wellington Management Group LLP now owns 461,402 shares of the biopharmaceutical company’s stock valued at $268,693,000 after purchasing an additional 56,947 shares during the period. Geode Capital Management LLC increased its position in Madrigal Pharmaceuticals by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 451,743 shares of the biopharmaceutical company’s stock valued at $263,114,000 after purchasing an additional 5,510 shares during the period. William Blair Investment Management LLC increased its position in Madrigal Pharmaceuticals by 17.6% during the 3rd quarter. William Blair Investment Management LLC now owns 411,802 shares of the biopharmaceutical company’s stock valued at $188,877,000 after purchasing an additional 61,513 shares during the period. Finally, Invesco Ltd. increased its position in Madrigal Pharmaceuticals by 21.9% during the 4th quarter. Invesco Ltd. now owns 365,314 shares of the biopharmaceutical company’s stock valued at $212,737,000 after purchasing an additional 65,749 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

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-? agonist in Phase 3 development for the treatment of NASH.