Assetmark Inc. Has $837,000 Stock Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Assetmark Inc. lifted its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 8.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,942 shares of the biopharmaceutical company’s stock after buying an additional 303 shares during the period. Assetmark Inc.’s holdings in Madrigal Pharmaceuticals were worth $837,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Castleark Management LLC bought a new position in Madrigal Pharmaceuticals in the 1st quarter valued at $2,459,000. Russell Investments Group Ltd. bought a new position in Madrigal Pharmaceuticals in the 1st quarter valued at $1,466,000. Sofinnova Investments Inc. boosted its position in Madrigal Pharmaceuticals by 133.4% in the 2nd quarter. Sofinnova Investments Inc. now owns 44,417 shares of the biopharmaceutical company’s stock valued at $12,444,000 after buying an additional 25,388 shares during the last quarter. Sheaff Brock Investment Advisors LLC bought a new position in Madrigal Pharmaceuticals in the 1st quarter valued at $961,000. Finally, Fiera Capital Corp bought a new position in Madrigal Pharmaceuticals in the 2nd quarter valued at $32,335,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Trading Down 4.7 %

NASDAQ MDGL opened at $288.58 on Friday. Madrigal Pharmaceuticals, Inc. has a 12 month low of $160.15 and a 12 month high of $368.29. The stock has a market cap of $6.29 billion, a P/E ratio of -11.51 and a beta of -0.46. The stock’s fifty day moving average price is $242.95 and its 200-day moving average price is $250.20. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share for the quarter, beating analysts’ consensus estimates of ($6.94) by $2.02. The firm had revenue of $62.18 million during the quarter, compared to the consensus estimate of $34.60 million. During the same period in the prior year, the company posted ($5.34) EPS. As a group, equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -24.08 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on MDGL shares. Oppenheimer cut their price target on Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Evercore ISI cut their price target on Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. UBS Group raised their price objective on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. B. Riley lifted their price target on Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $347.33.

Insider Transactions at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Richard S. Levy sold 5,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $300.94, for a total transaction of $1,504,700.00. Following the sale, the director now owns 11,012 shares in the company, valued at approximately $3,313,951.28. The trade was a 31.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William John Sibold sold 6,363 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 55,887 shares in the company, valued at $13,626,927.21. The trade was a 10.22 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 22.80% of the company’s stock.

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.