Madrigal Pharmaceuticals, Inc. $MDGL Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 14.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 85,773 shares of the biopharmaceutical company’s stock after selling 14,322 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Madrigal Pharmaceuticals were worth $39,341,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in Madrigal Pharmaceuticals by 388.3% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 15,288 shares of the biopharmaceutical company’s stock valued at $7,012,000 after purchasing an additional 12,157 shares during the last quarter. Voya Investment Management LLC increased its position in shares of Madrigal Pharmaceuticals by 16.3% in the third quarter. Voya Investment Management LLC now owns 59,437 shares of the biopharmaceutical company’s stock valued at $27,261,000 after buying an additional 8,347 shares in the last quarter. Calamos Advisors LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter worth $2,057,000. Marex Group plc acquired a new position in shares of Madrigal Pharmaceuticals during the 2nd quarter worth $548,000. Finally, New York State Common Retirement Fund boosted its position in shares of Madrigal Pharmaceuticals by 13.4% in the 3rd quarter. New York State Common Retirement Fund now owns 69,273 shares of the biopharmaceutical company’s stock worth $31,773,000 after buying an additional 8,211 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Buying and Selling at Madrigal Pharmaceuticals

In related news, Director Rebecca Taub sold 18,410 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The shares were sold at an average price of $522.40, for a total transaction of $9,617,384.00. Following the sale, the director owned 455,589 shares in the company, valued at approximately $237,999,693.60. This trade represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William John Sibold sold 1,663 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $431.94, for a total transaction of $718,316.22. Following the completion of the sale, the chief executive officer directly owned 161,829 shares of the company’s stock, valued at $69,900,418.26. The trade was a 1.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 55,612 shares of company stock valued at $28,326,065. 21.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have weighed in on MDGL. TD Cowen restated a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Monday, January 12th. B. Riley Financial upped their price target on shares of Madrigal Pharmaceuticals from $560.00 to $670.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Citigroup reiterated an “outperform” rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, January 20th. Zacks Research upgraded Madrigal Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Friday, February 20th. Finally, Oppenheimer upped their target price on Madrigal Pharmaceuticals from $600.00 to $650.00 and gave the company an “outperform” rating in a research note on Thursday, November 20th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $685.31.

Madrigal Pharmaceuticals Trading Up 1.7%

Shares of MDGL stock opened at $438.73 on Friday. The company has a market capitalization of $10.06 billion, a price-to-earnings ratio of -34.09 and a beta of -0.97. The company has a current ratio of 4.01, a quick ratio of 3.77 and a debt-to-equity ratio of 0.56. The firm has a 50-day moving average price of $480.60 and a 200 day moving average price of $487.72. Madrigal Pharmaceuticals, Inc. has a twelve month low of $265.00 and a twelve month high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Thursday, February 19th. The biopharmaceutical company reported ($2.57) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($2.61). The firm had revenue of $321.08 million for the quarter, compared to analyst estimates of $310.36 million. Madrigal Pharmaceuticals had a negative return on equity of 43.76% and a negative net margin of 30.08%.Madrigal Pharmaceuticals’s revenue for the quarter was up 210.8% on a year-over-year basis. During the same period in the prior year, the business earned ($2.71) earnings per share. Research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Madrigal Pharmaceuticals Profile

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.