Calamos Advisors LLC lessened its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL – Free Report) by 46.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,490 shares of the biopharmaceutical company’s stock after selling 3,076 shares during the period. Calamos Advisors LLC’s holdings in Madrigal Pharmaceuticals were worth $1,827,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of the company. Hsbc Holdings PLC bought a new position in shares of Madrigal Pharmaceuticals during the 2nd quarter worth approximately $309,000. Qube Research & Technologies Ltd purchased a new position in Madrigal Pharmaceuticals in the second quarter worth $1,163,000. Sei Investments Co. boosted its stake in Madrigal Pharmaceuticals by 73.6% in the second quarter. Sei Investments Co. now owns 17,542 shares of the biopharmaceutical company’s stock valued at $5,309,000 after acquiring an additional 7,438 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of 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 acquiring an additional 471 shares during the period. Finally, Bayesian Capital Management LP bought a new position in Madrigal Pharmaceuticals in the 2nd quarter worth approximately $418,000. Institutional investors own 98.50% of the company’s stock.
Madrigal Pharmaceuticals Trading Up 2.5%
Madrigal Pharmaceuticals stock opened at $550.25 on Thursday. The company has a market capitalization of $12.69 billion, a price-to-earnings ratio of -42.99 and a beta of -1.05. The business’s fifty day simple moving average is $512.65 and its two-hundred day simple moving average is $501.89. Madrigal Pharmaceuticals, Inc. has a 12 month low of $286.44 and a 12 month high of $615.00. The company has a current ratio of 3.50, a quick ratio of 3.16 and a debt-to-equity ratio of 0.63.
Analyst Upgrades and Downgrades
Several research analysts have commented on MDGL shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, April 21st. HC Wainwright reaffirmed a “buy” rating and set a $620.00 target price on shares of Madrigal Pharmaceuticals in a report on Wednesday, May 6th. Piper Sandler reaffirmed an “overweight” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, June 24th. Wells Fargo & Company upgraded shares of Madrigal Pharmaceuticals to an “overweight” rating in a research report on Monday, June 1st. Finally, Bank of America decreased their target price on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating for the company in a report on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Madrigal Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $687.93.
View Our Latest Stock Analysis on Madrigal Pharmaceuticals
Insider Buying and Selling at Madrigal Pharmaceuticals
In related news, Director Richard S. Levy sold 5,682 shares of Madrigal Pharmaceuticals stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $515.44, for a total value of $2,928,730.08. Following the completion of the sale, the director directly owned 22,015 shares in the company, valued at approximately $11,347,411.60. This trade represents a 20.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $495.74, for a total transaction of $516,561.08. Following the completion of the sale, the insider owned 10,033 shares of the company’s stock, valued at $4,973,759.42. This represents a 9.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 7,568 shares of company stock worth $3,880,711 over the last ninety days. 17.60% of the stock is currently owned by 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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