Public Employees Retirement System of Ohio Buys New Position in Madrigal Pharmaceuticals, Inc. $MDGL

Public Employees Retirement System of Ohio purchased a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,105 shares of the biopharmaceutical company’s stock, valued at approximately $2,741,000.

Several other institutional investors have also bought and sold shares of MDGL. Persistent Asset Partners Ltd purchased a new stake in Madrigal Pharmaceuticals in the 2nd quarter valued at $29,000. Global Retirement Partners LLC purchased a new position in Madrigal Pharmaceuticals during the 2nd quarter worth $34,000. Kemnay Advisory Services Inc. purchased a new position in Madrigal Pharmaceuticals during the 4th quarter worth $39,000. Quarry LP purchased a new position in Madrigal Pharmaceuticals during the 3rd quarter worth $39,000. Finally, Johnson Financial Group Inc. bought a new stake in shares of Madrigal Pharmaceuticals in the 3rd quarter worth $50,000. Institutional investors own 98.50% of the company’s stock.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, General Counsel Shannon Kelley sold 664 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $514.97, for a total transaction of $341,940.08. Following the completion of the transaction, the general counsel directly owned 11,474 shares of the company’s stock, valued at $5,908,765.78. This represents a 5.47% 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 sale was made to cover tax withholding obligations related to the vesting of equity awards. 17.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on MDGL. Citigroup reiterated an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. Barclays cut their price target on shares of Madrigal Pharmaceuticals from $964.00 to $962.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. Canaccord Genuity Group upped their price objective on shares of Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 17th. Finally, Wells Fargo & Company began coverage on shares of Madrigal Pharmaceuticals in a research report on Monday, July 27th. They set an “overweight” rating and a $685.00 target price on the stock. 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $699.64.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ:MDGL opened at $541.08 on Friday. The company’s 50-day moving average is $529.90 and its 200 day moving average is $505.01. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.94 and a current ratio of 3.20. The company has a market capitalization of $12.50 billion, a P/E ratio of -41.98 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 quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.68) by $0.69. The business had revenue of $364.25 million during the quarter, compared to the consensus estimate of $352.13 million. Madrigal Pharmaceuticals had a negative net margin of 25.32% and a negative return on equity of 56.65%. The firm’s quarterly revenue was up 71.2% compared to the same quarter last year. During the same quarter last year, the company posted ($1.90) earnings per share. On average, equities research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -7.03 earnings per share for the current year.

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