Pitcairn Co. Purchases Shares of 1,007 Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Pitcairn Co. acquired a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 1,007 shares of the biopharmaceutical company’s stock, valued at approximately $269,000.

Several other large investors have also modified their holdings of the stock. Global Retirement Partners LLC lifted its position in Madrigal Pharmaceuticals by 454.5% in the fourth quarter. Global Retirement Partners LLC now owns 122 shares of the biopharmaceutical company’s stock valued at $30,000 after acquiring an additional 100 shares during the last quarter. UMB Bank n.a. acquired a new stake in shares of Madrigal Pharmaceuticals during the first quarter worth about $53,000. BNP Paribas purchased a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter valued at about $68,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter valued at about $102,000. Finally, PFG Investments LLC purchased a new position in Madrigal Pharmaceuticals during the 1st quarter worth approximately $229,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Fred B. Craves sold 22,489 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $212.88, for a total transaction of $4,787,458.32. Following the sale, the director now directly owns 413,362 shares in the company, valued at approximately $87,996,502.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Robert E. Waltermire sold 1,900 shares of the business’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $280.00, for a total value of $532,000.00. Following the sale, the vice president now owns 5,500 shares of the company’s stock, valued at approximately $1,540,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Fred B. Craves sold 22,489 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $212.88, for a total transaction of $4,787,458.32. Following the transaction, the director now owns 413,362 shares of the company’s stock, valued at approximately $87,996,502.56. The disclosure for this sale can be found here. Insiders sold 27,425 shares of company stock worth $6,129,127 in the last 90 days. Corporate insiders own 23.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Wolfe Research initiated coverage on Madrigal Pharmaceuticals in a research note on Tuesday, June 11th. They issued an “outperform” rating and a $382.00 price objective for the company. JMP Securities upped their price target on shares of Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the company a “market outperform” rating in a research report on Tuesday, July 16th. B. Riley lowered their price objective on shares of Madrigal Pharmaceuticals from $270.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday, May 10th. Citigroup dropped their price objective on shares of Madrigal Pharmaceuticals from $389.00 to $382.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. Finally, StockNews.com upgraded shares of Madrigal Pharmaceuticals to a “sell” rating in a research note on Friday, July 19th. Two analysts have rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Madrigal Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $348.50.

Madrigal Pharmaceuticals Price Performance

Madrigal Pharmaceuticals stock opened at $283.46 on Friday. Madrigal Pharmaceuticals, Inc. has a one year low of $119.76 and a one year high of $299.98. The company has a market cap of $6.04 billion, a P/E ratio of -12.28 and a beta of -0.42. The company has a debt-to-equity ratio of 0.14, a quick ratio of 9.39 and a current ratio of 9.39. The business has a fifty day moving average of $264.94 and a two-hundred day moving average of $243.55.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($7.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($6.06) by ($1.32). During the same period in the prior year, the business posted ($4.23) earnings per share. As a group, analysts predict that Madrigal Pharmaceuticals, Inc. will post -27.7 earnings per share for the current fiscal year.

About Madrigal Pharmaceuticals

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.