Rafferty Asset Management LLC Lowers Stock Holdings in Madrigal Pharmaceuticals, Inc. $MDGL

Rafferty Asset Management LLC reduced its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 23.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,715 shares of the biopharmaceutical company’s stock after selling 5,818 shares during the period. Rafferty Asset Management LLC owned 0.08% of Madrigal Pharmaceuticals worth $8,584,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new stake in shares of Madrigal Pharmaceuticals in the third quarter valued at approximately $39,000. Artisan Partners Limited Partnership raised its position in Madrigal Pharmaceuticals by 2.3% during the 3rd quarter. Artisan Partners Limited Partnership now owns 206,254 shares of the biopharmaceutical company’s stock valued at $94,600,000 after purchasing an additional 4,683 shares in the last quarter. Xponance Inc. raised its position in Madrigal Pharmaceuticals by 11.6% during the 3rd quarter. Xponance Inc. now owns 1,460 shares of the biopharmaceutical company’s stock valued at $670,000 after purchasing an additional 152 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Madrigal Pharmaceuticals in the 3rd quarter worth $1,063,000. Finally, Palumbo Wealth Management LLC bought a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter worth $250,000. Institutional investors own 98.50% of the company’s stock.

Insiders Place Their Bets

In related news, insider Carole Huntsman sold 910 shares of the business’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $493.78, for a total transaction of $449,339.80. Following the transaction, the insider directly owned 9,122 shares in the company, valued at $4,504,261.16. The trade was a 9.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mardi Dier sold 4,173 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $578.34, for a total value of $2,413,412.82. Following the transaction, the chief financial officer directly owned 10,440 shares in the company, valued at $6,037,869.60. This represents a 28.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 99,537 shares of company stock valued at $53,485,702. 21.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MDGL. B. Riley Financial lifted their price objective on Madrigal Pharmaceuticals from $560.00 to $670.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Truist Financial raised their target price on shares of Madrigal Pharmaceuticals from $580.00 to $640.00 and gave the company a “buy” rating in a research report on Wednesday, November 19th. Wolfe Research set a $579.00 price target on shares of Madrigal Pharmaceuticals in a report on Tuesday, January 6th. UBS Group set a $900.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Friday, December 19th. Finally, Citigroup reissued an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $685.31.

Madrigal Pharmaceuticals Stock Performance

Shares of Madrigal Pharmaceuticals stock opened at $432.00 on Monday. The company has a market capitalization of $9.91 billion, a PE ratio of -33.57 and a beta of -0.97. The company has a 50-day simple moving average of $509.49 and a two-hundred day simple moving average of $486.29. Madrigal Pharmaceuticals, Inc. has a one year low of $265.00 and a one year high of $615.00. The company has a debt-to-equity ratio of 0.56, a quick ratio of 3.77 and a current ratio of 4.01.

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

Madrigal Pharmaceuticals Company 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.