Vanguard Group Inc. Sells 16,024 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Vanguard Group Inc. lessened its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 0.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,690,111 shares of the biopharmaceutical company’s stock after selling 16,024 shares during the period. Vanguard Group Inc. owned about 7.61% of Madrigal Pharmaceuticals worth $559,815,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Rhumbline Advisers increased its holdings in shares of Madrigal Pharmaceuticals by 7.9% during the first quarter. Rhumbline Advisers now owns 26,364 shares of the biopharmaceutical company’s stock worth $8,733,000 after purchasing an additional 1,924 shares during the period. GAMMA Investing LLC grew its stake in shares of Madrigal Pharmaceuticals by 131.4% during the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company’s stock worth $39,000 after buying an additional 67 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Madrigal Pharmaceuticals during the fourth quarter worth $16,615,000. XTX Topco Ltd bought a new stake in shares of Madrigal Pharmaceuticals in the first quarter worth $392,000. Finally, Wells Fargo & Company MN grew its stake in shares of Madrigal Pharmaceuticals by 19.1% in the fourth 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 last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Transactions at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Paul A. Friedman sold 129,172 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $370.24, for a total value of $47,824,641.28. Following the transaction, the director owned 187,164 shares in the company, valued at approximately $69,295,599.36. The trade was a 40.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rebecca Taub sold 43,263 shares of the business’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $355.69, for a total transaction of $15,388,216.47. Following the transaction, the director owned 461,044 shares in the company, valued at $163,988,740.36. This represents a 8.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold 282,820 shares of company stock worth $102,281,936 in the last 90 days. Corporate insiders own 21.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

NASDAQ MDGL opened at $371.37 on Friday. Madrigal Pharmaceuticals, Inc. has a 52-week low of $200.63 and a 52-week high of $377.46. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11. The company has a market capitalization of $8.24 billion, a P/E ratio of -28.90 and a beta of -1.02. The company has a fifty day moving average of $308.52 and a 200-day moving average of $314.13.

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

Madrigal Pharmaceuticals Company 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.