Pier 88 Investment Partners LLC Takes Position in Madrigal Pharmaceuticals, Inc. $MDGL

Pier 88 Investment Partners LLC purchased a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the 4th quarter, Holdings Channel reports. The fund purchased 1,080 shares of the biopharmaceutical company’s stock, valued at approximately $629,000.

Several other hedge funds have also modified their holdings of MDGL. Flagship Harbor Advisors LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter valued at approximately $29,000. First Horizon Corp acquired a new stake in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at approximately $34,000. Global Retirement Partners LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 221.7% in the 3rd quarter. Global Retirement Partners LLC now owns 74 shares of the biopharmaceutical company’s stock valued at $34,000 after buying an additional 51 shares during the period. Aventura Private Wealth LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter valued at approximately $36,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at approximately $39,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Stock Performance

NASDAQ MDGL opened at $497.03 on Tuesday. Madrigal Pharmaceuticals, Inc. has a 1-year low of $265.00 and a 1-year high of $615.00. The company has a market capitalization of $11.46 billion, a P/E ratio of -38.83 and a beta of -1.04. The business has a 50 day moving average price of $490.94 and a 200 day moving average price of $508.12. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.50 and a quick ratio of 3.16.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, beating the consensus estimate of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 27.32%.The firm had revenue of $311.34 million during the quarter, compared to the consensus estimate of $301.05 million. During the same period last year, the business posted ($3.32) EPS. Madrigal Pharmaceuticals’s quarterly revenue was up 126.8% on a year-over-year basis. Sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -5.59 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on MDGL. The Goldman Sachs Group reissued a “buy” rating and issued a $571.00 price target on shares of Madrigal Pharmaceuticals in a report on Wednesday, January 14th. Zacks Research raised Madrigal Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Friday, February 20th. Evercore set a $649.00 price target on Madrigal Pharmaceuticals in a report on Thursday. Canaccord Genuity Group reduced their price target on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a report on Thursday. Finally, TD Cowen reaffirmed a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Madrigal Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $682.07.

Insider Transactions at Madrigal Pharmaceuticals

In related news, insider Carole Huntsman sold 419 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $431.94, for a total value of $180,982.86. Following the completion of the transaction, the insider directly owned 12,692 shares of the company’s stock, valued at $5,482,182.48. This trade represents a 3.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mardi Dier sold 1,982 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $430.87, for a total value of $853,984.34. Following the completion of the transaction, the chief financial officer directly owned 12,490 shares of the company’s stock, valued at $5,381,566.30. The trade was a 13.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,098 shares of company stock worth $2,626,254 over the last ninety days. 17.60% of the stock is currently owned by corporate insiders.

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.