Lord Abbett & CO. LLC Purchases New Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Lord Abbett & CO. LLC acquired a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 48,917 shares of the biopharmaceutical company’s stock, valued at approximately $15,095,000.

Other large investors have also added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC purchased a new stake in Madrigal Pharmaceuticals during the fourth quarter valued at $70,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter worth about $164,000. KBC Group NV raised its position in Madrigal Pharmaceuticals by 73.5% during the fourth quarter. KBC Group NV now owns 609 shares of the biopharmaceutical company’s stock valued at $188,000 after purchasing an additional 258 shares during the period. Jump Financial LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter valued at approximately $210,000. Finally, Farringdon Capital Ltd. purchased a new position in shares of Madrigal Pharmaceuticals in the 4th quarter worth approximately $215,000. Institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on MDGL shares. B. Riley raised shares of Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and lifted their price objective for the stock from $236.00 to $422.00 in a research note on Thursday, February 27th. Citigroup raised their price target on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. HC Wainwright boosted their target price on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. Finally, JMP Securities restated a “market outperform” rating and issued a $443.00 price target on shares of Madrigal Pharmaceuticals in a report on Thursday. One analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $409.00.

Insider Buying and Selling at Madrigal Pharmaceuticals

In related news, VP Robert E. Waltermire sold 1,227 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $341.07, for a total transaction of $418,492.89. Following the transaction, the vice president now directly owns 3,728 shares of the company’s stock, valued at $1,271,508.96. This represents a 24.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director James M. Daly sold 15,470 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $347.45, for a total value of $5,375,051.50. Following the completion of the sale, the director now owns 1,912 shares of the company’s stock, valued at approximately $664,324.40. This trade represents a 89.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,810 shares of company stock worth $10,610,594 over the last quarter. Insiders own 22.80% of the company’s stock.

Madrigal Pharmaceuticals Stock Up 2.1 %

Shares of Madrigal Pharmaceuticals stock opened at $326.79 on Friday. Madrigal Pharmaceuticals, Inc. has a 1 year low of $191.18 and a 1 year high of $377.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93. The stock has a market cap of $7.22 billion, a price-to-earnings ratio of -13.03 and a beta of -0.69. The firm’s 50-day moving average is $325.91 and its two-hundred day moving average is $310.63.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share for the quarter, topping analysts’ consensus estimates of ($4.32) by $1.61. The company had revenue of $103.32 million for the quarter, compared to analysts’ expectations of $97.81 million. As a group, research analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Madrigal Pharmaceuticals 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.