Candriam S.C.A. lifted its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL – Free Report) by 32.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,948 shares of the biopharmaceutical company’s stock after buying an additional 21,042 shares during the quarter. Candriam S.C.A.’s holdings in Madrigal Pharmaceuticals were worth $44,468,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also made changes to their positions in MDGL. Seelaus Asset Management LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter worth about $221,000. Greenwood Capital Associates LLC bought a new position in shares of Madrigal Pharmaceuticals during the first quarter worth about $357,000. Abel Hall LLC grew its stake in Madrigal Pharmaceuticals by 79.0% in the first quarter. Abel Hall LLC now owns 1,271 shares of the biopharmaceutical company’s stock worth $665,000 after purchasing an additional 561 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in Madrigal Pharmaceuticals by 2.9% in the first quarter. Pictet Asset Management Holding SA now owns 187,240 shares of the biopharmaceutical company’s stock worth $97,914,000 after purchasing an additional 5,291 shares in the last quarter. Finally, Sterling Capital Management LLC increased its holdings in Madrigal Pharmaceuticals by 74.6% in the first quarter. Sterling Capital Management LLC now owns 213 shares of the biopharmaceutical company’s stock valued at $111,000 after buying an additional 91 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.
Madrigal Pharmaceuticals Stock Down 4.2%
MDGL opened at $536.70 on Friday. The stock’s 50 day moving average price is $511.48 and its 200 day moving average price is $503.93. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.50 and a quick ratio of 3.16. The stock has a market cap of $12.38 billion, a P/E ratio of -41.93 and a beta of -1.05. Madrigal Pharmaceuticals, Inc. has a 12 month low of $286.44 and a 12 month high of $615.00.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, April 21st. Wells Fargo & Company raised shares of Madrigal Pharmaceuticals to an “overweight” rating in a report on Monday, June 1st. HC Wainwright reiterated a “buy” rating and set a $620.00 target price on shares of Madrigal Pharmaceuticals in a research note on Wednesday, May 6th. Evercore set a $649.00 target price on shares of Madrigal Pharmaceuticals in a report on Thursday, May 7th. Finally, Canaccord Genuity Group reduced their price target on shares of Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating on the stock 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $687.93.
Read Our Latest Analysis on Madrigal Pharmaceuticals
Insider Transactions at Madrigal Pharmaceuticals
In other Madrigal Pharmaceuticals news, insider David Soergel sold 1,042 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $495.74, for a total transaction of $516,561.08. Following the transaction, the insider 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard S. Levy sold 5,682 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $515.44, for a total transaction of $2,928,730.08. Following the sale, the director owned 22,015 shares in the company, valued at $11,347,411.60. This trade represents a 20.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 7,568 shares of company stock valued at $3,880,711 in the last quarter. 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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