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 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 08:36:01 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 05/07/2024 08:34:35 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 05/07/2024 08:29:19 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/07/2024 01:00:37 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 11:06:34 AM
- Madrigal Pharmaceuticals Reports First-Quarter 2024 Financial Results and Provides Corporate Updates • GlobeNewswire Inc. • 05/07/2024 11:00:00 AM
- Madrigal Statement on the Passing of Dr. Stephen Harrison • GlobeNewswire Inc. • 04/24/2024 08:00:00 PM
- Madrigal Pharmaceuticals to Release First-Quarter 2024 Financial Results and Host Webcast on May 7, 2024 • GlobeNewswire Inc. • 04/23/2024 12:00:00 PM
- Madrigal Pharmaceuticals Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4) • GlobeNewswire Inc. • 04/16/2024 08:05:00 PM
- Madrigal Pharmaceuticals Announces U.S. Availability of Rezdiffra™ (resmetirom) for the Treatment of Patients with Noncirrhotic NASH with Moderate to Advanced Liver Fibrosis • GlobeNewswire Inc. • 04/09/2024 12:00:00 PM
- Madrigal Pharmaceuticals Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4) • GlobeNewswire Inc. • 04/03/2024 08:05:00 PM
- Madrigal Pharmaceuticals Announces Pricing of Upsized $600 Million Public Offering • GlobeNewswire Inc. • 03/19/2024 03:58:56 AM
- Madrigal Pharmaceuticals Announces Proposed Public Offering • GlobeNewswire Inc. • 03/18/2024 08:04:05 PM
- Adobe Stock Drops Following Below-Estimate Projections, Cardlytics Surges with Unexpected Profit, and More News • IH Market News • 03/15/2024 11:30:55 AM
- Madrigal Pharmaceuticals Announces FDA Approval of Rezdiffra™ (resmetirom) for the Treatment of Patients with Noncirrhotic Nonalcoholic Steatohepatitis (NASH) with Moderate to Advanced Liver Fibrosis • GlobeNewswire Inc. • 03/14/2024 08:15:00 PM
- Madrigal Pharmaceuticals Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4) • GlobeNewswire Inc. • 03/06/2024 09:05:00 PM
- Madrigal Pharmaceuticals Announces EMA Validation of its Marketing Authorization Application for Resmetirom for the Treatment of NASH/MASH with Liver Fibrosis • GlobeNewswire Inc. • 03/05/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 12:10:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 12:01:31 PM
- Madrigal Pharmaceuticals Appoints Mardi C. Dier as Chief Financial Officer • GlobeNewswire Inc. • 02/28/2024 12:01:00 PM
- Madrigal Pharmaceuticals Provides Corporate Updates and Reports Fourth Quarter and Full Year 2023 Financial Results • GlobeNewswire Inc. • 02/28/2024 12:00:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/28/2024 11:32:35 AM
- Madrigal Pharmaceuticals Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4) • GlobeNewswire Inc. • 02/21/2024 01:00:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 07:50:08 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 02:21:37 PM
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