QRG Capital Management Inc. Reduces Stock Position in Madrigal Pharmaceuticals, Inc. $MDGL

QRG Capital Management Inc. lessened its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 4.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 695 shares of the biopharmaceutical company’s stock after selling 31 shares during the period. QRG Capital Management Inc.’s holdings in Madrigal Pharmaceuticals were worth $210,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. VSM Wealth Advisory LLC purchased a new stake in shares of Madrigal Pharmaceuticals in the first quarter worth $25,000. Accent Capital Management LLC purchased a new stake in shares of Madrigal Pharmaceuticals in the first quarter worth $25,000. Summit Securities Group LLC purchased a new stake in shares of Madrigal Pharmaceuticals in the first quarter worth $33,000. Farther Finance Advisors LLC raised its position in shares of Madrigal Pharmaceuticals by 825.0% in the first quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company’s stock worth $36,000 after buying an additional 99 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Madrigal Pharmaceuticals by 131.4% in the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company’s stock worth $39,000 after buying an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insider Activity

In other news, Director Rebecca Taub sold 43,263 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $355.69, for a total transaction of $15,388,216.47. Following the transaction, the director directly owned 461,044 shares of the company’s stock, valued at approximately $163,988,740.36. This trade represents a 8.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth Bate sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $365.20, for a total value of $3,652,000.00. Following the transaction, the director directly owned 2,627 shares in the company, valued at $959,380.40. This trade represents a 79.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 165,683 shares of company stock valued at $61,921,142 and sold 309,019 shares valued at $112,705,072. 21.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MDGL. Weiss Ratings reiterated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, October 8th. Canaccord Genuity Group increased their price objective on Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. JMP Securities increased their target price on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the company a “market outperform” rating in a research note on Wednesday, August 20th. B. Riley increased their target price on Madrigal Pharmaceuticals from $460.00 to $560.00 and gave the company a “buy” rating in a research note on Monday, September 29th. Finally, TD Cowen increased their target price on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a “buy” rating in a research note on Tuesday, August 26th. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $525.88.

Madrigal Pharmaceuticals Stock Up 0.3%

MDGL opened at $429.60 on Monday. The stock has a market cap of $9.54 billion, a PE ratio of -33.43 and a beta of -1.02. The company has a quick ratio of 4.78, a current ratio of 5.11 and a debt-to-equity ratio of 0.17. Madrigal Pharmaceuticals, Inc. has a 52 week low of $200.63 and a 52 week high of $463.63. The business’s fifty day simple moving average is $414.50 and its 200 day simple moving average is $340.77.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) EPS for the quarter, beating analysts’ consensus estimates of ($3.48) by $1.58. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%.The business had revenue of $212.80 million for the quarter, compared to analysts’ expectations of $158.94 million. During the same quarter in the prior year, the firm earned ($7.10) earnings per share. The firm’s revenue was up 1357.5% on a year-over-year basis. As a group, research analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.