Jupiter Topco LLC Buys Shares of 1,936,099 Madrigal Pharmaceuticals, Inc. $MDGL

Jupiter Topco LLC purchased a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,936,099 shares of the biopharmaceutical company’s stock, valued at approximately $1,039,650,000. Jupiter Topco LLC owned 0.08% of Madrigal Pharmaceuticals at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in MDGL. Royal Bank of Canada increased its stake in Madrigal Pharmaceuticals by 22.5% during the 1st quarter. Royal Bank of Canada now owns 12,526 shares of the biopharmaceutical company’s stock worth $6,557,000 after buying an additional 2,303 shares during the period. Jefferies Financial Group Inc. purchased a new position in Madrigal Pharmaceuticals in the 4th quarter valued at approximately $1,339,000. Penn Capital Management Company LLC acquired a new position in shares of Madrigal Pharmaceuticals in the fourth quarter worth $1,719,000. State of Wyoming acquired a new position in shares of Madrigal Pharmaceuticals in the second quarter worth $1,294,000. Finally, BlackRock Inc. purchased a new stake in shares of Madrigal Pharmaceuticals during the second quarter worth $644,753,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL stock opened at $512.16 on Wednesday. The company has a current ratio of 3.20, a quick ratio of 2.94 and a debt-to-equity ratio of 0.65. The firm has a fifty day moving average price of $524.86 and a 200 day moving average price of $501.54. The company has a market cap of $11.83 billion, a P/E ratio of -39.73 and a beta of -1.01. Madrigal Pharmaceuticals, Inc. has a 12 month low of $393.61 and a 12 month high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $364.25 million for the quarter, compared to analyst estimates of $352.13 million. During the same quarter in the prior year, the company posted ($1.90) earnings per share. Madrigal Pharmaceuticals’s revenue for the quarter was up 71.2% compared to the same quarter last year. Sell-side analysts predict that Madrigal Pharmaceuticals, Inc. will post -7.03 earnings per share for the current fiscal year.

Insider Transactions at Madrigal Pharmaceuticals

In related news, General Counsel Shannon T. Kelley sold 664 shares of the company’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 transaction, the general counsel directly owned 11,474 shares of the company’s stock, valued at $5,908,765.78. This represents a 5.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 stock in a transaction that occurred 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 transaction, the insider owned 10,033 shares in the company, valued at $4,973,759.42. This represents a 9.41% 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. Corporate insiders own 17.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Truist Financial increased 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. Piper Sandler restated an “overweight” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, June 24th. Wells Fargo & Company assumed coverage on Madrigal Pharmaceuticals in a research report on Monday, July 27th. They issued an “overweight” rating and a $685.00 price target on the stock. Evercore set a $649.00 price objective on Madrigal Pharmaceuticals in a research note on Thursday, May 7th. Finally, Wolfe Research raised Madrigal Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $605.00 price objective for the company in a research report on Tuesday, August 4th. Fifteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $699.64.

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.