GSA Capital Partners LLP has acquired a stake in Madrigal Pharmaceuticals, Inc., purchasing 1,739 shares valued at approximately $798,000. This investment was revealed in the firm’s recent Form 13F filing with the Securities and Exchange Commission, highlighting GSA Capital’s growing interest in the biopharmaceutical sector.
Several institutional investors have also increased their stakes in Madrigal Pharmaceuticals during the third quarter. Notably, Skandinaviska Enskilda Banken AB publ expanded its holdings by 361.6%, now owning 18,363 shares valued at $8.43 million after acquiring an additional 14,385 shares. Assetmark Inc. and Rhumbline Advisers also lifted their positions by 3.3% and 3.4% respectively, with Rhumbline holding 27,263 shares valued at $12.50 million.
In total, institutional investors and hedge funds own 98.50% of Madrigal Pharmaceuticals, indicating strong confidence in the company’s potential.
Analyst Ratings Reflect Positive Sentiment
Recent analyst reports suggest a generally favorable view of Madrigal Pharmaceuticals. Citizens JMP raised its price target from $527.00 to $745.00, assigning a “market outperform” rating. Oppenheimer also increased its price objective from $600.00 to $650.00, reflecting optimism about the company’s future.
Cantor Fitzgerald upgraded its rating from “neutral” to “overweight,” while UBS Group set a price target of $900.00. Overall, one analyst has rated the stock as a Strong Buy, with twelve giving a Buy rating, two assigning Hold, and two issuing Sell ratings. The consensus price target currently stands at $669.86.
Shares of Madrigal Pharmaceuticals (NASDAQ:MDGL) opened at $435.01 on the latest trading day, with a market capitalization of $9.88 billion. The company reported a P/E ratio of -33.80 and a price-to-earnings-growth ratio of 6.18.
Quarterly Performance and Insider Transactions
Madrigal Pharmaceuticals recently disclosed its quarterly earnings on February 19, 2024. The company reported an earnings per share (EPS) of −$2.57, falling short of analysts’ expectations of $0.04. However, revenue reached $321.08 million, exceeding projections of $310.36 million. This represents a year-over-year revenue increase of 210.8%.
In terms of insider trading, CEO William John Sibold sold 2,400 shares at an average price of $575.34, totaling $1.38 million. Following this transaction, he retains ownership of 150,074 shares valued at approximately $86.34 million. Chief Financial Officer Mardi Dier also sold 4,173 shares for around $2.41 million, decreasing her stake by 28.56%. In total, insiders sold 99,537 shares valued at $53.49 million in the last quarter, holding 21.50% of the company’s stock.
Madrigal Pharmaceuticals is recognized for its focus on developing treatments for cardiovascular, metabolic, and liver diseases, particularly targeting nonalcoholic steatohepatitis (NASH). Its lead candidate, resmetirom (MGL-3196), is currently in Phase 3 clinical trials.
The recent investments and positive analyst ratings reflect a robust outlook for Madrigal Pharmaceuticals as it continues to navigate the biopharmaceutical landscape.
