Pictet Asset Management Holding SA grew its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL – Free Report) by 2.9% in the 1st quarter, Holdings Channel.com reports. The fund owned 187,240 shares of the biopharmaceutical company’s stock after buying an additional 5,291 shares during the period. Pictet Asset Management Holding SA’s holdings in Madrigal Pharmaceuticals were worth $97,914,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Hsbc Holdings PLC acquired a new position in shares of Madrigal Pharmaceuticals during the second quarter valued at about $309,000. Qube Research & Technologies Ltd acquired a new stake in Madrigal Pharmaceuticals in the 2nd quarter worth approximately $1,163,000. Sei Investments Co. boosted its stake in Madrigal Pharmaceuticals by 73.6% in the 2nd quarter. Sei Investments Co. now owns 17,542 shares of the biopharmaceutical company’s stock worth $5,309,000 after purchasing an additional 7,438 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Madrigal Pharmaceuticals by 2.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,416 shares of the biopharmaceutical company’s stock worth $7,087,000 after purchasing an additional 471 shares during the last quarter. Finally, Bayesian Capital Management LP purchased a new stake in Madrigal Pharmaceuticals during the 2nd quarter worth approximately $418,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.
Madrigal Pharmaceuticals Stock Performance
Shares of NASDAQ MDGL opened at $512.65 on Monday. The company has a 50 day simple moving average of $508.59 and a two-hundred day simple moving average of $505.18. The stock has a market cap of $11.82 billion, a price-to-earnings ratio of -40.05 and a beta of -1.07. The company has a current ratio of 3.50, a quick ratio of 3.16 and a debt-to-equity ratio of 0.63. Madrigal Pharmaceuticals, Inc. has a 12 month low of $284.02 and a 12 month high of $615.00.
Analyst Ratings Changes
MDGL has been the subject of a number of research analyst reports. Citigroup reaffirmed a “market outperform” rating on shares of Madrigal Pharmaceuticals in a report on Monday, June 1st. Piper Sandler reissued an “overweight” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $620.00 target price on shares of Madrigal Pharmaceuticals in a research report on Wednesday, May 6th. Bank of America reduced their target price on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating for the company in a research note on Thursday, June 11th. Finally, Canaccord Genuity Group lowered their price target on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $687.93.
Read Our Latest Report on Madrigal Pharmaceuticals
Insider Buying and Selling at Madrigal Pharmaceuticals
In other Madrigal Pharmaceuticals news, insider David Soergel sold 1,042 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $495.74, for a total transaction of $516,561.08. Following the sale, the insider directly owned 10,033 shares of the company’s stock, valued at approximately $4,973,759.42. This trade represents a 9.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of Madrigal Pharmaceuticals stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $515.44, for a total value of $2,928,730.08. Following the transaction, the director owned 22,015 shares of the company’s stock, valued at $11,347,411.60. The trade was a 20.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 7,568 shares of company stock worth $3,880,711. 17.60% of the stock is owned by corporate insiders.
About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company’s pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.
The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-β agonist in Phase 3 development for the treatment of NASH.
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