Cetera Investment Advisers Cuts Stock Holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Cetera Investment Advisers cut its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 1.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,832 shares of the biopharmaceutical company’s stock after selling 50 shares during the period. Cetera Investment Advisers’ holdings in Madrigal Pharmaceuticals were worth $938,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MDGL. LPL Financial LLC grew its holdings in shares of Madrigal Pharmaceuticals by 10.1% during the 4th quarter. LPL Financial LLC now owns 5,220 shares of the biopharmaceutical company’s stock worth $1,611,000 after purchasing an additional 480 shares during the period. Wells Fargo & Company MN grew its holdings in shares of Madrigal Pharmaceuticals by 19.1% during the 4th quarter. Wells Fargo & Company MN now owns 34,923 shares of the biopharmaceutical company’s stock worth $10,776,000 after purchasing an additional 5,604 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Madrigal Pharmaceuticals by 2.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 15,001 shares of the biopharmaceutical company’s stock worth $4,629,000 after purchasing an additional 334 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Madrigal Pharmaceuticals by 120.2% during the 4th quarter. Russell Investments Group Ltd. now owns 1,482 shares of the biopharmaceutical company’s stock worth $457,000 after purchasing an additional 809 shares during the period. Finally, Cerity Partners LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the 4th quarter worth about $453,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MDGL has been the subject of a number of research reports. UBS Group reiterated a “buy” rating and set a $523.00 target price (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a report on Tuesday. Canaccord Genuity Group boosted their target price on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the stock a “buy” rating in a report on Wednesday, August 6th. B. Riley reiterated a “buy” rating and set a $460.00 target price (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a report on Friday, May 2nd. Wall Street Zen upgraded Madrigal Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday, May 5th. Finally, JMP Securities restated a “market outperform” rating and issued a $443.00 price target on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $439.71.

Madrigal Pharmaceuticals Stock Up 2.7%

NASDAQ MDGL opened at $359.00 on Wednesday. The stock has a market cap of $7.97 billion, a PE ratio of -27.94 and a beta of -1.02. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $200.63 and a fifty-two week high of $377.46. The business has a 50 day moving average price of $304.69 and a two-hundred day moving average price of $313.30. The company has a quick ratio of 4.78, a current ratio of 5.11 and a debt-to-equity ratio of 0.17.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.48) by $1.58. The firm had revenue of $212.80 million during the quarter, compared to analysts’ expectations of $158.94 million. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%. Madrigal Pharmaceuticals’s quarterly revenue was up 1357.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($7.10) EPS. As a group, sell-side analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Insider Activity at Madrigal Pharmaceuticals

In other news, Director Paul A. Friedman sold 26,176 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $353.47, for a total transaction of $9,252,430.72. Following the completion of the transaction, the director directly owned 187,164 shares in the company, valued at approximately $66,156,859.08. This represents a 12.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Rebecca Taub sold 26,444 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $353.47, for a total value of $9,347,160.68. Following the transaction, the director owned 461,044 shares of the company’s stock, valued at approximately $162,965,222.68. This trade represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,377 shares of company stock valued at $21,316,969. Company insiders own 21.50% of the company’s stock.

Madrigal Pharmaceuticals Profile

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.