Federated Hermes Inc. Buys Shares of 3,885 Madrigal Pharmaceuticals, Inc. $MDGL

Federated Hermes Inc. purchased a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the third quarter, HoldingsChannel reports. The firm purchased 3,885 shares of the biopharmaceutical company’s stock, valued at approximately $1,782,000.

Other large investors also recently modified their holdings of the company. Adage Capital Partners GP L.L.C. lifted its holdings in Madrigal Pharmaceuticals by 96.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 376,163 shares of the biopharmaceutical company’s stock valued at $113,842,000 after acquiring an additional 184,554 shares during the period. Norges Bank bought a new position in shares of Madrigal Pharmaceuticals in the 2nd quarter worth approximately $53,406,000. Invesco Ltd. boosted its holdings in shares of Madrigal Pharmaceuticals by 50.7% in the second quarter. Invesco Ltd. now owns 200,356 shares of the biopharmaceutical company’s stock worth $60,636,000 after buying an additional 67,422 shares during the last quarter. BNP Paribas Financial Markets grew its position in Madrigal Pharmaceuticals by 1,886.1% during the second quarter. BNP Paribas Financial Markets now owns 69,037 shares of the biopharmaceutical company’s stock valued at $20,893,000 after buying an additional 65,561 shares during the period. Finally, Artisan Partners Limited Partnership grew its position in Madrigal Pharmaceuticals by 46.3% during the second quarter. Artisan Partners Limited Partnership now owns 201,571 shares of the biopharmaceutical company’s stock valued at $61,003,000 after buying an additional 63,833 shares during the period. Institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

NASDAQ MDGL opened at $478.61 on Thursday. The company has a quick ratio of 3.26, a current ratio of 3.44 and a debt-to-equity ratio of 0.54. Madrigal Pharmaceuticals, Inc. has a twelve month low of $265.00 and a twelve month high of $615.00. The business has a 50-day moving average price of $546.99 and a 200-day moving average price of $468.60. The firm has a market cap of $10.87 billion, a price-to-earnings ratio of -36.79, a price-to-earnings-growth ratio of 5.07 and a beta of -1.01.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) EPS for the quarter, missing analysts’ consensus estimates of ($2.01) by ($3.07). Madrigal Pharmaceuticals had a negative return on equity of 41.50% and a negative net margin of 39.04%. As a group, equities research analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Insider Activity

In related news, Director Rebecca Taub sold 18,650 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $552.15, for a total transaction of $10,297,597.50. Following the completion of the transaction, the director directly owned 461,044 shares of the company’s stock, valued at approximately $254,565,444.60. This trade represents a 3.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mardi Dier sold 4,173 shares of the business’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $578.34, for a total transaction of $2,413,412.82. Following the completion of the sale, the chief financial officer owned 10,440 shares in the company, valued at approximately $6,037,869.60. The trade was a 28.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 109,995 shares of company stock valued at $58,996,851 in the last quarter. Company insiders own 21.50% of the company’s stock.

Analysts Set New Price Targets

MDGL has been the topic of several recent research reports. Barclays began coverage on shares of Madrigal Pharmaceuticals in a research report on Tuesday, January 27th. They issued an “overweight” rating and a $964.00 price target on the stock. Zacks Research cut Madrigal Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. Piper Sandler lifted their target price on Madrigal Pharmaceuticals from $540.00 to $900.00 and gave the company an “overweight” rating in a research report on Friday, December 19th. TD Cowen reaffirmed a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Monday, January 12th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $654.73.

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.