Martingale Asset Management L P Acquires New Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Martingale Asset Management L P acquired a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,764 shares of the biopharmaceutical company’s stock, valued at approximately $1,223,000.

Other institutional investors have also modified their holdings of the company. Eagle Asset Management Inc. bought a new stake in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at about $6,875,000. Intech Investment Management LLC bought a new position in Madrigal Pharmaceuticals in the 3rd quarter worth about $1,280,000. Sofinnova Investments Inc. grew 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 worth $12,444,000 after purchasing an additional 25,388 shares during the last quarter. Fiera Capital Corp bought a new position in Madrigal Pharmaceuticals in the 2nd quarter worth about $32,335,000. Finally, American Century Companies Inc. grew its position in Madrigal Pharmaceuticals by 13.7% in the 2nd quarter. American Century Companies Inc. now owns 111,113 shares of the biopharmaceutical company’s stock worth $31,130,000 after purchasing an additional 13,361 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Fred B. Craves sold 3,400 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $350.30, for a total value of $1,191,020.00. Following the completion of the sale, the director now owns 14,600 shares in the company, valued at approximately $5,114,380. This represents a 18.89 % decrease in their position. The sale was disclosed in a legal filing 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 that occurred on Monday, September 9th. The shares were sold at an average price of $243.83, for a total transaction of $1,551,490.29. Following the completion of the sale, the chief executive officer now owns 55,887 shares of the company’s stock, valued at approximately $13,626,927.21. This trade represents a 10.22 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,763 shares of company stock worth $4,247,210. 22.80% of the stock is owned by corporate insiders.

Madrigal Pharmaceuticals Stock Down 1.0 %

MDGL stock opened at $328.19 on Monday. Madrigal Pharmaceuticals, Inc. has a 12 month low of $168.25 and a 12 month high of $368.29. The firm has a market cap of $7.16 billion, a PE ratio of -13.09 and a beta of -0.46. The firm has a 50 day simple moving average of $262.31 and a 200 day simple moving average of $259.38. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93.

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

Analysts Set New Price Targets

Several research analysts have commented on MDGL shares. HC Wainwright restated a “buy” rating and issued a $390.00 target price on shares of Madrigal Pharmaceuticals in a research report on Tuesday, October 22nd. Cantor Fitzgerald restated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 20th. Oppenheimer decreased their price objective on shares of Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. StockNews.com upgraded shares of Madrigal Pharmaceuticals to a “sell” rating in a report on Saturday, October 12th. Finally, Evercore ISI decreased their price objective on shares of Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $347.33.

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.