Bank of New York Mellon Corp Invests $179,000 in Madrigal Pharmaceuticals, Inc. (MDGL) Stock

Bank of New York Mellon Corp purchased a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 10,982 shares of the biopharmaceutical company’s stock, valued at approximately $179,000. Bank of New York Mellon Corp owned approximately 0.09% of Madrigal Pharmaceuticals at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its position in Madrigal Pharmaceuticals by 0.7% in the first quarter. Renaissance Technologies LLC now owns 57,875 shares of the biopharmaceutical company’s stock worth $891,000 after acquiring an additional 400 shares in the last quarter. Goldman Sachs Group Inc. purchased a new position in shares of Madrigal Pharmaceuticals during the first quarter valued at approximately $321,000. Finally, Schwab Charles Investment Management Inc. purchased a new position in shares of Madrigal Pharmaceuticals during the second quarter valued at approximately $225,000. Institutional investors own 16.86% of the company’s stock.

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Several research analysts have issued reports on MDGL shares. Roth Capital started coverage on Madrigal Pharmaceuticals in a research report on Thursday, October 19th. They set a “buy” rating and a $62.00 target price for the company. Evercore ISI started coverage on Madrigal Pharmaceuticals in a research report on Friday, September 22nd. They set an “outperform” rating and a $65.00 target price for the company. Finally, JMP Securities boosted their target price on Madrigal Pharmaceuticals from $40.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, October 13th.

In other news, Director Richard S. Levy purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The stock was purchased at an average price of $16.12 per share, for a total transaction of $32,240.00. Following the completion of the acquisition, the director now owns 7,200 shares of the company’s stock, valued at $116,064. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard S. Levy purchased 3,550 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The stock was purchased at an average price of $16.12 per share, with a total value of $57,226.00. Following the acquisition, the director now directly owns 3,640 shares of the company’s stock, valued at approximately $58,676.80. The disclosure for this purchase can be found here. Insiders purchased 9,100 shares of company stock valued at $145,840 in the last quarter. 66.40% of the stock is owned by company insiders.

Madrigal Pharmaceuticals, Inc. (NASDAQ MDGL) opened at $47.01 on Monday. Madrigal Pharmaceuticals, Inc. has a 12-month low of $13.09 and a 12-month high of $52.35.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Thursday, August 10th. The biopharmaceutical company reported ($0.69) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.60) by ($0.09). sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -2.85 EPS for the current year.

Madrigal Pharmaceuticals Company Profile

Madrigal Pharmaceuticals, Inc, formerly Synta Pharmaceuticals Corp., is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular-metabolic diseases and nonalcoholic steatohepatitis (NASH). The Company’s lead product, MGL-3196, is a Phase II-ready once-daily, oral, liver-directed selective thyroid hormone receptor-b (THR-b) agonist for the treatment of NASH, and heterozygous and homozygous familial hypercholesterolemia (FH).

Institutional Ownership by Quarter for Madrigal Pharmaceuticals (NASDAQ:MDGL)

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