WCM Investment Management LLC raised its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL – Free Report) by 36.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,560 shares of the biopharmaceutical company’s stock after acquiring an additional 6,306 shares during the quarter. WCM Investment Management LLC owned approximately 0.10% of Madrigal Pharmaceuticals worth $11,906,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Wellington Management Group LLP increased its position in Madrigal Pharmaceuticals by 14.1% during the 4th quarter. Wellington Management Group LLP now owns 461,402 shares of the biopharmaceutical company’s stock worth $268,693,000 after purchasing an additional 56,947 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Madrigal Pharmaceuticals by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 451,743 shares of the biopharmaceutical company’s stock valued at $263,114,000 after purchasing an additional 5,510 shares in the last quarter. Invesco Ltd. lifted its holdings in Madrigal Pharmaceuticals by 21.9% in the 4th quarter. Invesco Ltd. now owns 365,314 shares of the biopharmaceutical company’s stock valued at $212,737,000 after purchasing an additional 65,749 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Madrigal Pharmaceuticals by 12.7% during the 2nd quarter. Bank of America Corp DE now owns 277,221 shares of the biopharmaceutical company’s stock worth $83,898,000 after purchasing an additional 31,260 shares during the last quarter. Finally, Polar Capital Holdings Plc boosted its stake in shares of Madrigal Pharmaceuticals by 1.9% during the 4th quarter. Polar Capital Holdings Plc now owns 270,151 shares of the biopharmaceutical company’s stock worth $157,320,000 after purchasing an additional 4,997 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at Madrigal Pharmaceuticals
In other news, 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 completion of the sale, the insider directly owned 10,033 shares of the company’s stock, valued at $4,973,759.42. The trade was a 9.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of the company’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 owned 22,015 shares of the company’s stock, valued at approximately $11,347,411.60. The trade was a 20.51% decrease in their ownership of the stock. 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 valued at $3,880,711 over the last three months. Corporate insiders own 17.60% of the company’s stock.
Madrigal Pharmaceuticals Price Performance
Madrigal Pharmaceuticals (NASDAQ:MDGL – Get Free Report) 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. The firm had revenue of $311.34 million during the quarter, compared to analyst estimates of $301.05 million. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. Madrigal Pharmaceuticals’s revenue for the quarter was up 126.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($3.32) earnings per share. As a group, sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.3 EPS for the current year.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on MDGL. Piper Sandler reissued an “overweight” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, June 24th. Truist Financial lifted their target price on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Evercore set a $649.00 price target on Madrigal Pharmaceuticals in a report on Thursday, May 7th. Bank of America reduced their price target on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a research note on Thursday, June 11th. Finally, Citigroup restated an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $687.93.
View Our Latest Stock Analysis on MDGL
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-β agonist in Phase 3 development for the treatment of NASH.
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