State of New Jersey Common Pension Fund D Has $2.09 Million Holdings in Madrigal Pharmaceuticals, Inc. $MDGL

State of New Jersey Common Pension Fund D boosted its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 14.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,890 shares of the biopharmaceutical company’s stock after buying an additional 885 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Madrigal Pharmaceuticals were worth $2,085,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Mutual of America Capital Management LLC boosted its stake in Madrigal Pharmaceuticals by 0.3% during the 1st quarter. Mutual of America Capital Management LLC now owns 11,263 shares of the biopharmaceutical company’s stock valued at $3,731,000 after purchasing an additional 31 shares during the period. Park Avenue Securities LLC lifted its position in shares of Madrigal Pharmaceuticals by 6.6% during the 2nd quarter. Park Avenue Securities LLC now owns 699 shares of the biopharmaceutical company’s stock worth $212,000 after buying an additional 43 shares during the period. First Horizon Advisors Inc. lifted its position in shares of Madrigal Pharmaceuticals by 38.9% during the 1st quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company’s stock worth $52,000 after buying an additional 44 shares during the period. AlphaQuest LLC lifted its position in shares of Madrigal Pharmaceuticals by 412.5% during the 2nd quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 66 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Madrigal Pharmaceuticals by 131.4% during the 1st 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 period. Institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Down 1.8%

NASDAQ:MDGL opened at $421.60 on Thursday. Madrigal Pharmaceuticals, Inc. has a 12-month low of $213.71 and a 12-month high of $463.63. The company has a quick ratio of 4.78, a current ratio of 5.11 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $9.36 billion, a P/E ratio of -32.81 and a beta of -1.02. The stock’s fifty day simple moving average is $433.18 and its 200-day simple moving average is $351.05.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on MDGL shares. JMP Securities boosted their price objective on Madrigal Pharmaceuticals from $483.00 to $485.00 and gave the stock a “market outperform” rating in a research note on Wednesday, August 20th. Cowen reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 26th. B. Riley lifted their target price on Madrigal Pharmaceuticals from $460.00 to $560.00 and gave the company a “buy” rating in a research note on Monday, September 29th. Truist Financial initiated coverage on Madrigal Pharmaceuticals in a research note on Tuesday, October 14th. They issued a “buy” rating and a $580.00 target price for the company. Finally, TD Cowen lifted their target price on Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the company a “buy” rating in a research note on Tuesday, August 26th. Eleven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $532.70.

Insiders Place Their Bets

In related news, Director Bros. Advisors Lp Baker purchased 68,618 shares of Madrigal Pharmaceuticals stock in a transaction dated Monday, August 18th. The shares were acquired at an average cost of $364.04 per share, for a total transaction of $24,979,696.72. Following the transaction, the director directly owned 1,859,091 shares of the company’s stock, valued at approximately $676,783,487.64. This trade represents a 3.83% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Paul A. Friedman sold 129,172 shares of Madrigal Pharmaceuticals stock in a transaction dated Wednesday, August 13th. The stock was 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. This represents a 40.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders purchased 165,683 shares of company stock worth $61,921,142 and sold 248,642 shares worth $91,388,103. 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.