Madrigal Pharmaceuticals, Inc. $MDGL Shares Acquired by Strs Ohio

Strs Ohio raised its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 50.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,300 shares of the biopharmaceutical company’s stock after acquiring an additional 1,100 shares during the quarter. Strs Ohio’s holdings in Madrigal Pharmaceuticals were worth $1,922,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP boosted its stake in Madrigal Pharmaceuticals by 8.4% during the 3rd quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock valued at $982,313,000 after acquiring an additional 165,683 shares during the last quarter. William Blair Investment Management LLC boosted its stake in Madrigal Pharmaceuticals by 17.6% during the 3rd quarter. William Blair Investment Management LLC now owns 411,802 shares of the biopharmaceutical company’s stock valued at $188,877,000 after acquiring an additional 61,513 shares during the last quarter. Wellington Management Group LLP boosted its stake in Madrigal Pharmaceuticals by 5,381.2% during the 3rd quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock valued at $185,507,000 after acquiring an additional 397,076 shares during the last quarter. Invesco Ltd. boosted its stake in Madrigal Pharmaceuticals by 49.5% during the 3rd quarter. Invesco Ltd. now owns 299,565 shares of the biopharmaceutical company’s stock valued at $137,398,000 after acquiring an additional 99,209 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in Madrigal Pharmaceuticals by 12.7% during the 2nd quarter. Bank of America Corp DE now owns 277,221 shares of the biopharmaceutical company’s stock valued at $83,898,000 after acquiring an additional 31,260 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, Director Rebecca Taub sold 491 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $431.94, for a total value of $212,082.54. Following the completion of the sale, the director directly owned 452,213 shares in the company, valued at $195,328,883.22. The trade was a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Carole Huntsman sold 419 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $431.94, for a total transaction of $180,982.86. Following the completion of the sale, the insider owned 12,692 shares of the company’s stock, valued at $5,482,182.48. This trade represents a 3.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 6,098 shares of company stock valued at $2,626,254 over the last 90 days. 21.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have commented on MDGL. Weiss Ratings reiterated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, April 21st. Citigroup reiterated an “outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, January 20th. Bank of America reduced their price objective on shares of Madrigal Pharmaceuticals from $570.00 to $529.00 and set a “neutral” rating on the stock in a research note on Friday, February 20th. Wolfe Research set a $579.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Tuesday, January 6th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $571.00 price target on shares of Madrigal Pharmaceuticals in a research report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Madrigal Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $685.31.

Madrigal Pharmaceuticals Stock Down 3.1%

Madrigal Pharmaceuticals stock opened at $502.47 on Wednesday. The stock has a market cap of $11.58 billion, a price-to-earnings ratio of -39.04 and a beta of -1.04. 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 company’s 50-day moving average price is $484.48 and its two-hundred day moving average price is $505.79. Madrigal Pharmaceuticals, Inc. has a 52 week low of $265.00 and a 52 week high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data 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 business had revenue of $321.08 million during 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%.The business’s revenue for the quarter was up 210.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($2.71) EPS. On average, analysts expect that Madrigal Pharmaceuticals, Inc. will post -5.49 EPS for the current fiscal year.

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.