William Blair Investment Management LLC Acquires New Holdings in Madrigal Pharmaceuticals, Inc. $MDGL

William Blair Investment Management LLC bought a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the second quarter, Holdings Channel reports. The fund bought 324,123 shares of the biopharmaceutical company’s stock, valued at approximately $174,038,000.

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

Wall Street Analysts Forecast Growth

MDGL has been the subject of several research analyst reports. Truist Financial lifted their price objective on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. Piper Sandler reissued an “overweight” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, June 24th. Wells Fargo & Company started coverage on shares of Madrigal Pharmaceuticals in a research report on Monday, July 27th. They issued an “overweight” rating and a $685.00 price objective on the stock. Finally, Citigroup reaffirmed an “outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 17th. Fifteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $689.93.

Insider Transactions at Madrigal Pharmaceuticals

In related news, General Counsel Shannon T. Kelley sold 664 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $514.97, for a total value of $341,940.08. Following the completion of the sale, the general counsel owned 11,474 shares in the company, valued at $5,908,765.78. The trade was a 5.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David Soergel sold 1,042 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $495.74, for a total value of $516,561.08. Following the completion of the sale, the insider 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.60% of the stock is currently owned by corporate insiders.

Madrigal Pharmaceuticals Stock Down 0.5%

Shares of NASDAQ:MDGL opened at $516.74 on Friday. The firm has a market capitalization of $11.94 billion, a PE ratio of -40.09 and a beta of -1.01. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.94 and a current ratio of 3.20. Madrigal Pharmaceuticals, Inc. has a 52-week low of $393.61 and a 52-week high of $615.00. The firm has a fifty day moving average of $524.40 and a 200 day moving average of $501.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.68) by $0.69. Madrigal Pharmaceuticals had a negative return on equity of 56.65% and a negative net margin of 25.32%.The business had revenue of $364.25 million for the quarter, compared to the consensus estimate of $352.13 million. During the same quarter last year, the business posted ($1.90) earnings per share. The company’s revenue for the quarter was up 71.2% on a year-over-year basis. As a group, research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current fiscal year.

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.