Verition Fund Management LLC trimmed its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL – Get Rating) by 13.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,621 shares of the biopharmaceutical company’s stock after selling 719 shares during the period. Verition Fund Management LLC’s holdings in Madrigal Pharmaceuticals were worth $300,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently added to or reduced their stakes in the stock. Federated Hermes Inc. purchased a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter worth approximately $33,616,000. State Street Corp boosted its holdings in Madrigal Pharmaceuticals by 27.9% during the first quarter. State Street Corp now owns 765,879 shares of the biopharmaceutical company’s stock worth $75,148,000 after buying an additional 167,131 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Madrigal Pharmaceuticals by 8.2% during the first quarter. Vanguard Group Inc. now owns 1,215,413 shares of the biopharmaceutical company’s stock worth $119,257,000 after buying an additional 92,352 shares in the last quarter. Woodline Partners LP purchased a new position in Madrigal Pharmaceuticals during the second quarter valued at $5,882,000. Finally, Pictet Asset Management SA purchased a new position in shares of Madrigal Pharmaceuticals in the second quarter worth about $3,550,000. 67.98% of the stock is owned by hedge funds and other institutional investors.
Madrigal Pharmaceuticals Stock Down 2.2 %
Shares of MDGL opened at $260.70 on Thursday. The business’s fifty day moving average price is $285.25 and its 200 day moving average price is $155.40. Madrigal Pharmaceuticals, Inc. has a 12-month low of $57.15 and a 12-month high of $315.45. The company has a debt-to-equity ratio of 0.25, a quick ratio of 3.12 and a current ratio of 3.12.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on MDGL. Canaccord Genuity Group lifted their price target on shares of Madrigal Pharmaceuticals from $296.00 to $336.00 and gave the company a “buy” rating in a research report on Tuesday, February 28th. UBS Group upped their price target on shares of Madrigal Pharmaceuticals from $161.00 to $337.00 and gave the stock a “buy” rating in a research note on Wednesday, December 21st. StockNews.com lowered shares of Madrigal Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday. Evercore ISI upped their price objective on shares of Madrigal Pharmaceuticals from $175.00 to $325.00 in a research note on Tuesday, December 20th. Finally, Oppenheimer increased their target price on shares of Madrigal Pharmaceuticals from $250.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, February 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $294.75.
Insider Buying and Selling
In other Madrigal Pharmaceuticals news, Director Richard S. Levy sold 22,489 shares of the firm’s stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $293.15, for a total value of $6,592,650.35. Following the sale, the director now directly owns 9,100 shares in the company, valued at $2,667,665. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Remy Sukhija sold 30,000 shares of Madrigal Pharmaceuticals stock in a transaction dated Friday, December 23rd. The stock was sold at an average price of $274.14, for a total transaction of $8,224,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard S. Levy sold 22,489 shares of the firm’s stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $293.15, for a total value of $6,592,650.35. Following the completion of the transaction, the director now directly owns 9,100 shares in the company, valued at $2,667,665. The disclosure for this sale can be found here. Insiders have sold 72,489 shares of company stock worth $20,414,070 over the last ninety days. 29.71% of the stock is owned by insiders.
Madrigal Pharmaceuticals Profile
Madrigal Pharmaceuticals, Inc engages on the development and commercialization of innovative therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. Its lead product, MGL-3196, is used for the treatment of non-alcoholic steatohepatitis and familial hypercholesterolemia.
- Get a free copy of the StockNews.com research report on Madrigal Pharmaceuticals (MDGL)
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