Tuesday, July 31, 2018 2:21:02 AM
Obviously the most recent buyers at $305 are not selling, and those are the "Institutions" who have the big bucks that ruled the volume doing that offering.........So who is selling?
Why Madrigal Pharmaceuticals Stock Is Getting Hammered Today
What happened
Madrigal Pharmaceuticals (NASDAQ: MDGL) stock has fallen by as much as 11.1% today on higher-than-normal volume. The culprit?
Madrigal CEO Paul Friedman stated in an interview late last week that the company is entertaining potential takeover offers, but that "no deals are imminent."
Madrigal had reportedly put itself up for sale last month after posting stellar phase 2 results for its experimental nonalcoholic steatohepatitis (NASH) drug MGL-3196. Now that a buyout may take longer than expected, day traders and speculators alike seem to be heading for the exits. As of 2:37 p.m. EDT, shares were down 9.3%.
So what
Madrigal's stock gained a jaw-dropping 1,800% over the past 12 months, thanks to MGL-3196's strong midstage results in NASH and the potential for a quick buyout offer at a hefty premium. With the company set to take a go-it-alone approach regarding MGL-3196's future development, however, this red-hot biotech stock may cool off in a big way going forward.
Madrigal's shares have already shed a whopping 21% of their value since announcing MGL-3196's top-line results roughly two months ago, and this downward trend appears to be accelerating based on today's action.
Now what
The fact that Madrigal's management is playing hardball with potential suitors isn't necessarily a bad thing, however. After a recent capital raise, the company has more than enough cash to advance MGL-3196 into a late-stage trial. Madrigal's drug is also largely de-risked from a development standpoint and it should have a distinct competitive advantage over most of the field based on its outstanding phase 2 results. So, if anything, Madrigal's asking price in a buyout scenario may only go up from here.
The take-home point is that Madrigal is firmly in the catbird seat from a negotiating standpoint. There's no reason to take a lowball offer right now simply to assuage speculators and day traders. As such, it might be worthwhile to start building a long-term-oriented position in this top biotech while its shares remain well below their 52-week highs.
https://finance.yahoo.com/news/why-madrigal-pharmaceuticals-stock-getting-183933731.html
LOADING UP SOME MORE!!!
GO MDGL
"PEACE"
Recent MDGL News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/12/2024 01:51:22 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/11/2024 01:29:06 AM
- Madrigal Pharmaceuticals, Inc. to Participate in the Morgan Stanley 22nd Annual Global Healthcare Conference • GlobeNewswire Inc. • 08/26/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/20/2024 12:16:25 AM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 08/15/2024 11:52:55 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/07/2024 12:58:48 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/07/2024 11:06:32 AM
- Madrigal Pharmaceuticals Reports Second-Quarter 2024 Financial Results and Provides Corporate Updates • GlobeNewswire Inc. • 08/07/2024 11:00:00 AM
- Madrigal Pharmaceuticals Appoints Shannon Kelley as General Counsel • GlobeNewswire Inc. • 08/02/2024 11:00:21 AM
- Madrigal Pharmaceuticals to Release Second-Quarter 2024 Financial Results and Host Webcast on August 7, 2024 • GlobeNewswire Inc. • 07/24/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/19/2024 01:39:28 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/15/2024 01:44:36 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/14/2024 09:17:19 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/14/2024 08:37:27 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/13/2024 09:53:30 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/12/2024 09:03:54 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/11/2024 09:39:50 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/06/2024 10:48:25 PM
- Madrigal Pharmaceuticals Announces New Data from the Phase 3 MAESTRO-NASH Study of Rezdiffra™ (resmetirom) Presented at the EASL Congress • GlobeNewswire Inc. • 06/06/2024 12:00:00 PM
- Madrigal Pharmaceuticals to Participate in the Goldman Sachs 45th Annual Global Healthcare Conference • GlobeNewswire Inc. • 06/05/2024 12:00:00 PM
- Madrigal Pharmaceuticals to Present Multiple Rezdiffra™ (resmetirom) and Health Economics Outcomes Research Abstracts in NASH/MASH at the EASL Congress • GlobeNewswire Inc. • 05/29/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 01:36:56 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 08:36:01 PM
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