Illinois Municipal Retirement Fund Buys 1,969 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

Illinois Municipal Retirement Fund increased its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 103.5% in the 1st quarter, HoldingsChannel reports. The firm owned 3,872 shares of the biopharmaceutical company’s stock after acquiring an additional 1,969 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Madrigal Pharmaceuticals were worth $2,027,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Hsbc Holdings PLC bought a new position in shares of Madrigal Pharmaceuticals in the second quarter valued at approximately $309,000. Qube Research & Technologies Ltd bought a new position in shares of Madrigal Pharmaceuticals in the second quarter worth $1,163,000. Sei Investments Co. grew its position in shares of Madrigal Pharmaceuticals by 73.6% in the second quarter. Sei Investments Co. now owns 17,542 shares of the biopharmaceutical company’s stock valued at $5,309,000 after purchasing an additional 7,438 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Madrigal Pharmaceuticals by 2.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,416 shares of the biopharmaceutical company’s stock valued at $7,087,000 after purchasing an additional 471 shares during the period. Finally, Bayesian Capital Management LP bought a new stake in shares of Madrigal Pharmaceuticals during the 2nd quarter valued at $418,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MDGL has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and issued a $620.00 target price on shares of Madrigal Pharmaceuticals in a research note on Wednesday, May 6th. Bank of America decreased 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. Piper Sandler reissued an “overweight” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, June 24th. Truist Financial raised their price objective on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Finally, Canaccord Genuity Group reduced their price objective on shares of Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Madrigal Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $687.93.

Insider Transactions at Madrigal Pharmaceuticals

In other news, Director Richard S. Levy sold 5,682 shares of Madrigal Pharmaceuticals stock in a transaction dated 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 transaction, the director owned 22,015 shares in the company, valued at approximately $11,347,411.60. The trade was a 20.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $495.74, for a total value of $516,561.08. Following the sale, the insider owned 10,033 shares of the company’s stock, valued at $4,973,759.42. This represents a 9.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 7,568 shares of company stock worth $3,880,711 over the last ninety days. Insiders own 17.60% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

Shares of Madrigal Pharmaceuticals stock opened at $535.69 on Tuesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.16 and a current ratio of 3.50. Madrigal Pharmaceuticals, Inc. has a 52-week low of $286.44 and a 52-week high of $615.00. The company has a fifty day moving average of $514.51 and a 200-day moving average of $500.92. The stock has a market capitalization of $12.35 billion, a price-to-earnings ratio of -41.85 and a beta of -1.05.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) EPS for the quarter, topping analysts’ consensus estimates of ($3.61) by $0.36. The company had revenue of $311.34 million for the quarter, compared to analysts’ expectations of $301.05 million. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The firm’s revenue was up 126.8% compared to the same quarter last year. During the same quarter last year, the company earned ($3.32) EPS. Equities research analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.3 EPS for the current 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-β agonist in Phase 3 development for the treatment of NASH.