Voya Investment Management LLC Has $3.13 Million Stock Position in Madrigal Pharmaceuticals, Inc. $MDGL

Voya Investment Management LLC cut its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 5.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,434 shares of the biopharmaceutical company’s stock after selling 508 shares during the quarter. Voya Investment Management LLC’s holdings in Madrigal Pharmaceuticals were worth $3,125,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Rhumbline Advisers increased its position 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 buying an additional 1,924 shares during the period. Strs Ohio acquired a new stake in shares of Madrigal Pharmaceuticals during the first quarter worth $629,000. Intech Investment Management LLC increased its position in shares of Madrigal Pharmaceuticals by 21.0% during the first quarter. Intech Investment Management LLC now owns 9,784 shares of the biopharmaceutical company’s stock worth $3,241,000 after buying an additional 1,696 shares during the period. Woodline Partners LP increased its position in shares of Madrigal Pharmaceuticals by 2.7% during the first quarter. Woodline Partners LP now owns 317,433 shares of the biopharmaceutical company’s stock worth $105,143,000 after buying an additional 8,316 shares during the period. Finally, Cutter Capital Management LP acquired a new stake in shares of Madrigal Pharmaceuticals during the first quarter worth $7,950,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MDGL has been the subject of several recent analyst reports. JMP Securities increased their price objective on shares of Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a “market outperform” rating in a research report on Wednesday, August 20th. Canaccord Genuity Group increased their target price on shares of Madrigal Pharmaceuticals from $428.00 to $526.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. Cowen reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 26th. TD Cowen increased their target price on shares of Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the stock a “buy” rating in a research note on Tuesday, August 26th. Finally, HC Wainwright began coverage on shares of Madrigal Pharmaceuticals in a research note on Thursday, September 4th. They set a “buy” rating and a $500.00 target price on the stock. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $483.38.

Madrigal Pharmaceuticals Stock Performance

NASDAQ MDGL opened at $439.93 on Friday. Madrigal Pharmaceuticals, Inc. has a 52-week low of $200.63 and a 52-week high of $457.16. The company has a 50-day simple moving average of $376.82 and a 200 day simple moving average of $330.13. 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 $9.77 billion, a PE ratio of -34.24 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter last year, the company posted ($7.10) earnings per share. The firm’s quarterly revenue was up 1357.5% compared to the same quarter last year. On average, research analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Insider Transactions at Madrigal Pharmaceuticals

In other news, Director Kenneth Bate sold 10,000 shares of Madrigal Pharmaceuticals stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $365.20, for a total value of $3,652,000.00. Following the completion of the transaction, the director owned 2,627 shares in the company, valued at $959,380.40. This trade represents a 79.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William John Sibold sold 7,616 shares of Madrigal Pharmaceuticals stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $400.18, for a total transaction of $3,047,770.88. Following the completion of the transaction, the chief executive officer owned 109,753 shares of the company’s stock, valued at $43,920,955.54. The trade was a 6.49% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have bought 165,683 shares of company stock valued at $61,921,142 and have sold 309,019 shares valued at $112,705,072. Company insiders own 21.50% of the company’s stock.

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.