Illinois Municipal Retirement Fund Has $2.03 Million Stock Position in Madrigal Pharmaceuticals, Inc. $MDGL

Illinois Municipal Retirement Fund raised its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 103.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,872 shares of the biopharmaceutical company’s stock after purchasing an additional 1,969 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Madrigal Pharmaceuticals were worth $2,027,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MDGL. Flagship Harbor Advisors LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the 4th quarter worth about $29,000. Aventura Private Wealth LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter valued at approximately $36,000. Kemnay Advisory Services Inc. acquired a new position in Madrigal Pharmaceuticals in the fourth quarter worth approximately $39,000. Quarry LP acquired a new position in Madrigal Pharmaceuticals in the third quarter worth approximately $39,000. Finally, Eastern Bank raised its position in Madrigal Pharmaceuticals by 32.3% during the fourth quarter. Eastern Bank now owns 86 shares of the biopharmaceutical company’s stock valued at $50,000 after acquiring an additional 21 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Madrigal Pharmaceuticals

In other news, Director Richard S. Levy sold 5,682 shares of the company’s stock in a transaction that occurred on 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 sale, the director owned 22,015 shares in the company, valued at $11,347,411.60. This represents a 20.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $495.74, for a total value of $516,561.08. Following the sale, the insider owned 10,033 shares in the company, valued at approximately $4,973,759.42. This represents a 9.41% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,568 shares of company stock worth $3,880,711 in the last ninety days. Insiders own 17.60% of the company’s stock.

Wall Street Analyst Weigh In

MDGL has been the topic of several research analyst reports. Bank of America lowered their price target on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a research report on Thursday, June 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, April 21st. Citigroup reaffirmed an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Friday. Wells Fargo & Company raised Madrigal Pharmaceuticals to an “overweight” rating in a research report on Monday, June 1st. Finally, Evercore set a $649.00 price target on Madrigal Pharmaceuticals in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $687.93.

Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ:MDGL opened at $535.69 on Tuesday. 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 1-year low of $286.44 and a 1-year high of $615.00. The stock has a market capitalization of $12.35 billion, a P/E ratio of -41.85 and a beta of -1.05. The business has a 50-day moving average price of $514.51 and a two-hundred day moving average price of $500.92.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) EPS for the quarter, topping 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 company had revenue of $311.34 million during the quarter, compared to analysts’ expectations of $301.05 million. During the same quarter in the previous year, the company earned ($3.32) EPS. Madrigal Pharmaceuticals’s revenue was up 126.8% on a year-over-year basis. Equities analysts predict that Madrigal Pharmaceuticals, Inc. will post -7.3 earnings per share for the current year.

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.