Cibc World Markets Corp Makes New $519,000 Investment in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Cibc World Markets Corp purchased a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,681 shares of the biopharmaceutical company’s stock, valued at approximately $519,000.

Several other institutional investors have also recently made changes to their positions in MDGL. Erste Asset Management GmbH purchased a new position in shares of Madrigal Pharmaceuticals during the third quarter valued at $49,749,000. Paulson & CO. Inc. increased its stake in shares of Madrigal Pharmaceuticals by 10.4% during the third quarter. Paulson & CO. Inc. now owns 2,042,000 shares of the biopharmaceutical company’s stock valued at $433,353,000 after buying an additional 192,000 shares during the period. Braidwell LP purchased a new position in shares of Madrigal Pharmaceuticals during the third quarter valued at $39,010,000. State Street Corp increased its stake in shares of Madrigal Pharmaceuticals by 19.2% during the third quarter. State Street Corp now owns 887,752 shares of the biopharmaceutical company’s stock valued at $188,399,000 after buying an additional 143,038 shares during the period. Finally, RTW Investments LP boosted its position in Madrigal Pharmaceuticals by 4.1% during the third quarter. RTW Investments LP now owns 1,993,687 shares of the biopharmaceutical company’s stock valued at $423,100,000 after purchasing an additional 77,825 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Up 1.9 %

Shares of MDGL stock opened at $341.62 on Friday. The stock has a market cap of $7.54 billion, a P/E ratio of -13.62 and a beta of -0.40. Madrigal Pharmaceuticals, Inc. has a twelve month low of $189.00 and a twelve month high of $377.46. The stock has a 50 day moving average of $327.53 and a 200 day moving average of $293.77. 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 quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) EPS for the quarter, beating analysts’ consensus estimates of ($4.32) by $1.61. The business had revenue of $103.32 million during the quarter, compared to analysts’ expectations of $97.81 million. As a group, sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MDGL. Citigroup raised their price objective on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. JMP Securities reaffirmed a “market outperform” rating and set a $427.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Friday, January 10th. HC Wainwright raised their price objective on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Finally, B. Riley raised Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and raised their price objective for the company from $236.00 to $422.00 in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $378.44.

Insider Activity

In other news, VP Robert E. Waltermire sold 14,113 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $341.32, for a total value of $4,817,049.16. Following the sale, the vice president now directly owns 3,728 shares of the company’s stock, valued at $1,272,440.96. The trade was a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James M. Daly sold 15,470 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $347.45, for a total value of $5,375,051.50. Following the completion of the sale, the director now directly owns 1,912 shares in the company, valued at $664,324.40. This represents a 89.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,900 shares of company stock worth $12,168,079 over the last three months. 22.80% of the stock is currently owned by corporate insiders.

Madrigal Pharmaceuticals 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.