Jennison Associates LLC cut its stake in shares of Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) by 29.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 161,785 shares of the biopharmaceutical company’s stock after selling 66,873 shares during the period. Jennison Associates LLC owned approximately 1.14% of Madrigal Pharmaceuticals worth $45,250,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in MDGL. BlackRock Inc. grew its stake in shares of Madrigal Pharmaceuticals by 52.4% during the first quarter. BlackRock Inc. now owns 319,093 shares of the biopharmaceutical company’s stock worth $37,268,000 after purchasing an additional 109,665 shares during the period. Millennium Management LLC grew its stake in Madrigal Pharmaceuticals by 2,263.4% in the first quarter. Millennium Management LLC now owns 92,291 shares of the biopharmaceutical company’s stock valued at $10,779,000 after acquiring an additional 88,386 shares during the period. Artal Group S.A. acquired a new position in Madrigal Pharmaceuticals in the first quarter valued at about $5,256,000. UBS Group AG grew its stake in Madrigal Pharmaceuticals by 20,476.5% in the first quarter. UBS Group AG now owns 38,478 shares of the biopharmaceutical company’s stock valued at $4,494,000 after acquiring an additional 38,291 shares during the period. Finally, Nexthera Capital LP acquired a new position in Madrigal Pharmaceuticals in the first quarter valued at about $4,231,000. 44.28% of the stock is owned by institutional investors and hedge funds.

A number of research firms have issued reports on MDGL. Roth Capital boosted their target price on Madrigal Pharmaceuticals from $210.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, June 1st. BidaskClub cut Madrigal Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, July 25th. Cowen reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Thursday, May 10th. ValuEngine cut Madrigal Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, May 31st. Finally, Goldman Sachs Group reissued a “buy” rating and issued a $314.00 target price (up from $191.00) on shares of Madrigal Pharmaceuticals in a research note on Thursday, May 31st. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. Madrigal Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $310.29.

In other news, CFO Marc R. Schneebaum sold 10,099 shares of the business’s stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $287.46, for a total value of $2,903,058.54. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Bay City Capital Llc sold 280,000 shares of the business’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $287.46, for a total value of $80,488,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 363,625 shares of company stock worth $104,527,643. Corporate insiders own 56.70% of the company’s stock.

Madrigal Pharmaceuticals opened at $232.63 on Friday, Marketbeat reports. Madrigal Pharmaceuticals Inc has a 1 year low of $15.46 and a 1 year high of $325.98. The stock has a market capitalization of $3.76 billion, a price-to-earnings ratio of -91.59 and a beta of 1.36.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Tuesday, August 7th. The biopharmaceutical company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.18. equities research analysts predict that Madrigal Pharmaceuticals Inc will post -2.28 EPS for the current year.

Madrigal Pharmaceuticals Company Profile

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. The company's lead candidate is MGL-3196, an orally administered, small-molecule, liver-directed, thyroid hormone receptor (THR) ß-selective agonist, which is in Phase II clinical trials for the treatment of non-alcoholic steatohepatitis and heterozygous familial hypercholesterolemia.

Featured Article: Are analyst ratings accurate?

Institutional Ownership by Quarter for Madrigal Pharmaceuticals (NASDAQ:MDGL)

Receive News & Ratings for Madrigal Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Madrigal Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.