Pictet Asset Management Holding SA Buys 57,886 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Pictet Asset Management Holding SA boosted its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 38.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 208,484 shares of the biopharmaceutical company’s stock after purchasing an additional 57,886 shares during the quarter. Pictet Asset Management Holding SA owned about 0.96% of Madrigal Pharmaceuticals worth $64,332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Paulson & CO. Inc. raised its position in shares of Madrigal Pharmaceuticals by 10.4% during the 3rd 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 in the last quarter. RTW Investments LP raised 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. State Street Corp lifted its stake in Madrigal Pharmaceuticals by 19.2% during the third quarter. State Street Corp now owns 887,752 shares of the biopharmaceutical company’s stock worth $188,399,000 after purchasing an additional 143,038 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Madrigal Pharmaceuticals by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 405,655 shares of the biopharmaceutical company’s stock worth $86,104,000 after purchasing an additional 5,801 shares in the last quarter. Finally, William Blair Investment Management LLC purchased a new position in shares of Madrigal Pharmaceuticals in the 4th quarter worth about $114,717,000. 98.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director James M. Daly sold 15,470 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $347.45, for a total transaction of $5,375,051.50. Following the transaction, the director now owns 1,912 shares in the company, valued at $664,324.40. The trade was a 89.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Carole Huntsman sold 347 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $335.24, for a total transaction of $116,328.28. Following the completion of the sale, the insider now owns 10,438 shares of the company’s stock, valued at $3,499,235.12. This trade represents a 3.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,900 shares of company stock valued at $12,168,079 over the last quarter. 22.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ:MDGL opened at $327.87 on Friday. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $332.93 and a 200-day moving average price of $297.12. The company has a market cap of $7.24 billion, a price-to-earnings ratio of -13.07 and a beta of -0.41. Madrigal Pharmaceuticals, Inc. has a 12 month low of $189.00 and a 12 month high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $97.81 million. As a group, equities analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current 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.