Amalgamated Bank Increases Stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Amalgamated Bank grew its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 20.2% in the second quarter, HoldingsChannel.com reports. The firm owned 607 shares of the biopharmaceutical company’s stock after acquiring an additional 102 shares during the period. Amalgamated Bank’s holdings in Madrigal Pharmaceuticals were worth $170,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. E Fund Management Co. Ltd. boosted its position in shares of Madrigal Pharmaceuticals by 30.3% in the second quarter. E Fund Management Co. Ltd. now owns 2,212 shares of the biopharmaceutical company’s stock worth $620,000 after purchasing an additional 514 shares during the period. Sofinnova Investments Inc. boosted its position in shares of Madrigal Pharmaceuticals by 133.4% during the second quarter. Sofinnova Investments Inc. now owns 44,417 shares of the biopharmaceutical company’s stock worth $12,444,000 after acquiring an additional 25,388 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Madrigal Pharmaceuticals by 198.8% during the second quarter. Envestnet Asset Management Inc. now owns 14,454 shares of the biopharmaceutical company’s stock worth $4,049,000 after acquiring an additional 9,616 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Madrigal Pharmaceuticals during the second quarter worth $414,000. Finally, American Century Companies Inc. boosted its position in shares of Madrigal Pharmaceuticals by 13.7% during the second quarter. American Century Companies Inc. now owns 111,113 shares of the biopharmaceutical company’s stock worth $31,130,000 after acquiring an additional 13,361 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MDGL shares. Evercore ISI reduced their target price on shares of Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. JMP Securities lifted their price objective on Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the company a “market outperform” rating in a report on Tuesday, July 16th. Wolfe Research started coverage on Madrigal Pharmaceuticals in a report on Tuesday, June 11th. They issued an “outperform” rating and a $382.00 price objective for the company. Citigroup decreased their price objective on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, StockNews.com upgraded Madrigal Pharmaceuticals to a “sell” rating in a report on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $343.83.

Insider Transactions at Madrigal Pharmaceuticals

In related news, CEO William John Sibold sold 6,363 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $243.83, for a total value of $1,551,490.29. Following the sale, the chief executive officer now owns 55,887 shares in the company, valued at $13,626,927.21. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 23.92% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL stock opened at $212.22 on Tuesday. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $299.98. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of -9.19 and a beta of -0.43. The company has a debt-to-equity ratio of 0.14, a quick ratio of 8.67 and a current ratio of 8.72. The stock’s 50-day simple moving average is $249.50 and its 200-day simple moving average is $248.56.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($7.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($7.55) by $0.45. The business had revenue of $14.64 million for the quarter, compared to analysts’ expectations of $4.25 million. During the same quarter in the previous year, the firm posted ($4.69) EPS. Madrigal Pharmaceuticals’s revenue was up 146280.0% on a year-over-year basis. As a group, equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -27.67 earnings per share for the current fiscal year.

Madrigal Pharmaceuticals Company Profile

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.