Polar Capital Holdings Plc boosted its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL – Free Report) by 1.9% during the 4th quarter, HoldingsChannel reports. The fund owned 270,151 shares of the biopharmaceutical company’s stock after buying an additional 4,997 shares during the period. Polar Capital Holdings Plc’s holdings in Madrigal Pharmaceuticals were worth $157,320,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its stake in shares of Madrigal Pharmaceuticals by 5,381.2% in the 3rd quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock valued at $185,507,000 after purchasing an additional 397,076 shares in the last quarter. Norges Bank acquired a new position in Madrigal Pharmaceuticals in the fourth quarter worth about $114,368,000. Baker BROS. Advisors LP grew its stake in Madrigal Pharmaceuticals by 8.4% in the third quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock worth $982,313,000 after purchasing an additional 165,683 shares in the last quarter. Deutsche Bank AG raised its stake in Madrigal Pharmaceuticals by 414.5% during the fourth quarter. Deutsche Bank AG now owns 192,109 shares of the biopharmaceutical company’s stock valued at $111,873,000 after buying an additional 154,767 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its stake in Madrigal Pharmaceuticals by 139.7% during the fourth quarter. Lord Abbett & CO. LLC now owns 244,796 shares of the biopharmaceutical company’s stock valued at $142,555,000 after buying an additional 142,653 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Madrigal Pharmaceuticals news, Director Richard S. Levy sold 5,682 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $515.44, for a total value of $2,928,730.08. Following the sale, the director directly owned 22,015 shares in the company, valued at approximately $11,347,411.60. This trade represents a 20.51% decrease in their ownership of the stock. The transaction was disclosed in a 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, insider David Soergel sold 1,042 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $495.74, for a total transaction of $516,561.08. Following the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,568 shares of company stock worth $3,880,711 over the last quarter. 17.60% of the stock is currently owned by company insiders.
Madrigal Pharmaceuticals Stock Up 0.3%
Madrigal Pharmaceuticals (NASDAQ:MDGL – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share (EPS) for the quarter, topping 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 business had revenue of $311.34 million for the quarter, compared to the consensus estimate of $301.05 million. During the same quarter last year, the business posted ($3.32) EPS. The business’s revenue was up 126.8% on a year-over-year basis. Analysts predict that Madrigal Pharmaceuticals, Inc. will post -7.3 EPS for the current year.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on MDGL. Zacks Research upgraded Madrigal Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Friday, February 20th. Bank of America dropped 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. Canaccord Genuity Group decreased their price objective on shares of Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a report on Thursday, May 7th. HC Wainwright reiterated a “buy” rating and set a $620.00 target price on shares of Madrigal Pharmaceuticals in a research note on Wednesday, May 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $687.93.
Check Out Our Latest Stock Report on MDGL
Madrigal Pharmaceuticals Company 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-β agonist in Phase 3 development for the treatment of NASH.
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