Sheaff Brock Investment Advisors LLC bought a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL – Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,600 shares of the biopharmaceutical company’s stock, valued at approximately $961,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Rhenman & Partners Asset Management AB purchased a new stake in Madrigal Pharmaceuticals during the 4th quarter valued at approximately $5,206,000. Vanguard Group Inc. raised its stake in Madrigal Pharmaceuticals by 7.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,573,338 shares of the biopharmaceutical company’s stock valued at $229,770,000 after acquiring an additional 107,816 shares during the last quarter. AMI Asset Management Corp purchased a new stake in Madrigal Pharmaceuticals during the 4th quarter valued at approximately $1,104,000. Norges Bank purchased a new stake in Madrigal Pharmaceuticals during the 4th quarter valued at approximately $33,686,000. Finally, BNP Paribas Financial Markets raised its stake in Madrigal Pharmaceuticals by 37.0% during the 4th quarter. BNP Paribas Financial Markets now owns 22,769 shares of the biopharmaceutical company’s stock valued at $5,268,000 after acquiring an additional 6,148 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.
Madrigal Pharmaceuticals Price Performance
NASDAQ:MDGL traded up $1.03 during trading hours on Friday, reaching $284.49. 167,769 shares of the company traded hands, compared to its average volume of 488,499. The firm’s 50-day moving average is $264.94 and its 200-day moving average is $243.55. The stock has a market cap of $6.06 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 current ratio of 9.39 and a quick ratio of 9.39. Madrigal Pharmaceuticals, Inc. has a 1-year low of $119.76 and a 1-year high of $299.98.
Wall Street Analysts Forecast Growth
Several analysts have commented on MDGL shares. Bank of America started coverage on Madrigal Pharmaceuticals in a research note on Monday, April 22nd. They set an “underperform” rating and a $150.00 price objective for the company. Wolfe Research initiated coverage on Madrigal Pharmaceuticals in a research note on Tuesday, June 11th. They set an “outperform” rating and a $382.00 target price for the company. B. Riley cut their target price on Madrigal Pharmaceuticals from $270.00 to $200.00 and set a “neutral” rating for the company in a research note on Friday, May 10th. HC Wainwright cut their target price on Madrigal Pharmaceuticals from $425.00 to $390.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Finally, StockNews.com raised 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 issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $348.50.
View Our Latest Analysis on Madrigal Pharmaceuticals
Insider Transactions at Madrigal Pharmaceuticals
In other news, Director Fred B. Craves sold 22,489 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $212.88, for a total transaction of $4,787,458.32. Following the sale, the director now owns 413,362 shares in the company, valued at $87,996,502.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Robert E. Waltermire sold 2,000 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $285.00, for a total value of $570,000.00. Following the transaction, the vice president now directly owns 5,500 shares of the company’s stock, valued at approximately $1,567,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Fred B. Craves sold 22,489 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $212.88, for a total value of $4,787,458.32. Following the completion of the transaction, the director now directly owns 413,362 shares in the company, valued at $87,996,502.56. The disclosure for this sale can be found here. Insiders have sold 27,425 shares of company stock worth $6,129,127 over the last quarter. 23.92% of the stock is currently owned by insiders.
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.
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