Freestone Grove Partners LP Takes $833,000 Position in Madrigal Pharmaceuticals, Inc. $MDGL

Freestone Grove Partners LP bought a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the 2nd quarter, HoldingsChannel reports. The fund bought 1,552 shares of the biopharmaceutical company’s stock, valued at approximately $833,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Persistent Asset Partners Ltd bought a new position in Madrigal Pharmaceuticals in the 2nd quarter valued at about $29,000. Global Retirement Partners LLC bought a new stake in Madrigal Pharmaceuticals during the 2nd quarter worth approximately $34,000. Kemnay Advisory Services Inc. bought a new stake in Madrigal Pharmaceuticals during the 4th quarter worth approximately $39,000. Quarry LP purchased a new stake in shares of Madrigal Pharmaceuticals in the third quarter worth approximately $39,000. Finally, Accent Capital Management LLC raised its stake in shares of Madrigal Pharmaceuticals by 64.9% in the fourth quarter. Accent Capital Management LLC now owns 94 shares of the biopharmaceutical company’s stock worth $55,000 after purchasing an additional 37 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on MDGL. Bank of America dropped their target price on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a report on Thursday, June 11th. Wells Fargo & Company assumed coverage on Madrigal Pharmaceuticals in a research report on Monday, July 27th. They issued an “overweight” rating and a $685.00 price target for the company. Canaccord Genuity Group increased their price target on Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Wolfe Research upgraded Madrigal Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $605.00 price objective on the stock in a research note on Tuesday, August 4th. Finally, Truist Financial lifted their price objective on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Fifteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $699.64.

Insider Buying and Selling

In related news, insider David Soergel sold 1,042 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $495.74, for a total transaction of $516,561.08. Following the completion of the sale, the insider directly owned 10,033 shares of the company’s stock, valued at approximately $4,973,759.42. This trade represents a 9.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Shannon T. Kelley sold 664 shares of Madrigal Pharmaceuticals stock in a transaction on Monday, August 17th. The stock was sold at an average price of $514.97, for a total value of $341,940.08. Following the sale, the general counsel owned 11,474 shares in the company, valued at $5,908,765.78. This trade represents a 5.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 17.60% of the company’s stock.

Madrigal Pharmaceuticals Trading Down 1.8%

NASDAQ:MDGL opened at $533.76 on Friday. 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 firm has a market cap of $12.33 billion, a price-to-earnings ratio of -41.41 and a beta of -1.01. Madrigal Pharmaceuticals, Inc. has a 52 week low of $393.61 and a 52 week high of $615.00. The firm has a 50-day moving average price of $526.96 and a two-hundred day moving average price of $502.76.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $352.13 million. During the same quarter in the previous year, the business earned ($1.90) EPS. The company’s revenue was up 71.2% compared to the same quarter last year. On average, equities analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.03 earnings per share for the current fiscal 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.