Madrigal Pharmaceuticals, Inc. $MDGL Shares Sold by ArrowMark Colorado Holdings LLC

ArrowMark Colorado Holdings LLC lowered its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 14.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 123,259 shares of the biopharmaceutical company’s stock after selling 21,549 shares during the period. ArrowMark Colorado Holdings LLC owned approximately 0.54% of Madrigal Pharmaceuticals worth $56,534,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP boosted its stake in shares of Madrigal Pharmaceuticals by 5,381.2% in the third quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock valued at $185,507,000 after purchasing an additional 397,076 shares during the period. Adage Capital Partners GP L.L.C. grew its holdings in Madrigal Pharmaceuticals by 96.3% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 376,163 shares of the biopharmaceutical company’s stock valued at $113,842,000 after purchasing an additional 184,554 shares in the last quarter. Norges Bank purchased a new stake in Madrigal Pharmaceuticals during the 2nd quarter worth $53,406,000. Alkeon Capital Management LLC purchased a new stake in Madrigal Pharmaceuticals during the 3rd quarter worth $55,039,000. Finally, Invesco Ltd. lifted its holdings in Madrigal Pharmaceuticals by 49.5% in the 3rd quarter. Invesco Ltd. now owns 299,565 shares of the biopharmaceutical company’s stock worth $137,398,000 after buying an additional 99,209 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Madrigal Pharmaceuticals Trading Up 1.4%

NASDAQ MDGL opened at $444.83 on Friday. The company has a market capitalization of $10.20 billion, a price-to-earnings ratio of -34.56 and a beta of -0.97. The company has a debt-to-equity ratio of 0.56, a current ratio of 4.01 and a quick ratio of 3.77. Madrigal Pharmaceuticals, Inc. has a 12 month low of $265.00 and a 12 month high of $615.00. The company’s fifty day moving average price is $477.62 and its two-hundred day moving average price is $488.39.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Thursday, February 19th. The biopharmaceutical company reported ($2.57) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($2.61). The company had revenue of $321.08 million during the quarter, compared to the consensus estimate of $310.36 million. Madrigal Pharmaceuticals had a negative return on equity of 43.76% and a negative net margin of 30.08%.Madrigal Pharmaceuticals’s revenue for the quarter was up 210.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($2.71) EPS. As a group, research analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MDGL has been the subject of a number of analyst reports. Bank of America decreased their price objective on shares of Madrigal Pharmaceuticals from $570.00 to $529.00 and set a “neutral” rating for the company in a research report on Friday, February 20th. Oppenheimer boosted their price target on Madrigal Pharmaceuticals from $600.00 to $650.00 and gave the stock an “outperform” rating in a research note on Thursday, November 20th. B. Riley Financial increased their price target on Madrigal Pharmaceuticals from $560.00 to $670.00 and gave the company a “buy” rating in a report on Thursday, December 11th. The Goldman Sachs Group restated a “buy” rating and set a $571.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Wednesday, January 14th. Finally, UBS Group set a $900.00 price objective on Madrigal Pharmaceuticals in a report on Friday, December 19th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $685.31.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, Director Paul A. Friedman sold 24,520 shares of the stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $522.39, for a total transaction of $12,809,002.80. Following the transaction, the director owned 187,164 shares of the company’s stock, valued at $97,772,601.96. This trade represents a 11.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William John Sibold sold 1,663 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $431.94, for a total value of $718,316.22. Following the completion of the transaction, the chief executive officer owned 161,829 shares of the company’s stock, valued at approximately $69,900,418.26. The trade was a 1.02% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 55,612 shares of company stock valued at $28,326,065. 21.50% of the stock is owned by company insiders.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company’s pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-β agonist in Phase 3 development for the treatment of NASH.