Raymond James Financial Inc. Takes Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Raymond James Financial Inc. acquired a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 53,846 shares of the biopharmaceutical company’s stock, valued at approximately $16,615,000. Raymond James Financial Inc. owned about 0.25% of Madrigal Pharmaceuticals at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MDGL. Pitcairn Co. lifted its holdings in Madrigal Pharmaceuticals by 3.2% during the 4th quarter. Pitcairn Co. now owns 1,060 shares of the biopharmaceutical company’s stock worth $327,000 after buying an additional 33 shares during the last quarter. Sanctuary Advisors LLC raised its position in shares of Madrigal Pharmaceuticals by 5.2% during the 4th quarter. Sanctuary Advisors LLC now owns 1,247 shares of the biopharmaceutical company’s stock worth $422,000 after acquiring an additional 62 shares in the last quarter. Arizona State Retirement System raised its position in shares of Madrigal Pharmaceuticals by 2.5% during the 4th quarter. Arizona State Retirement System now owns 3,774 shares of the biopharmaceutical company’s stock worth $1,165,000 after acquiring an additional 91 shares in the last quarter. Franklin Resources Inc. lifted its stake in Madrigal Pharmaceuticals by 8.0% during the third quarter. Franklin Resources Inc. now owns 1,383 shares of the biopharmaceutical company’s stock worth $298,000 after purchasing an additional 103 shares during the last quarter. Finally, Xponance Inc. boosted its holdings in Madrigal Pharmaceuticals by 9.8% in the fourth quarter. Xponance Inc. now owns 1,268 shares of the biopharmaceutical company’s stock valued at $391,000 after purchasing an additional 113 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL stock opened at $301.66 on Monday. The stock’s 50-day moving average price is $328.97 and its 200 day moving average price is $307.90. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $6.66 billion, a PE ratio of -12.03 and a beta of -0.69. Madrigal Pharmaceuticals, Inc. has a 52-week low of $189.00 and a 52-week high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($4.32) by $1.61. The company had revenue of $103.32 million during the quarter, compared to analyst estimates of $97.81 million. As a group, equities research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Insiders Place Their Bets

In related news, Director James M. Daly sold 15,470 shares of the company’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $347.45, for a total transaction of $5,375,051.50. Following the transaction, the director now owns 1,912 shares of the company’s stock, valued at $664,324.40. This represents a 89.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William John Sibold sold 1,584 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $335.24, for a total value of $531,020.16. Following the completion of the transaction, the chief executive officer now owns 54,303 shares of the company’s stock, valued at $18,204,537.72. The trade was a 2.83 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,492 shares of company stock worth $11,509,707. 22.80% of the stock is owned by insiders.

Analyst Ratings Changes

MDGL has been the topic of a number of research analyst reports. B. Riley raised shares of Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and raised their price objective for the stock from $236.00 to $422.00 in a report on Thursday, February 27th. Citigroup lifted their price target on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. HC Wainwright upped their price objective on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. Finally, JMP Securities reiterated a “market outperform” rating and set a $427.00 target price on shares of Madrigal Pharmaceuticals in a research report on Friday, January 10th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $378.44.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.