Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System trimmed its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 4.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,310 shares of the biopharmaceutical company's stock after selling 985 shares during the quarter. California Public Employees Retirement System owned about 0.10% of Madrigal Pharmaceuticals worth $6,576,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter valued at about $70,000. KBC Group NV lifted its stake in Madrigal Pharmaceuticals by 73.5% in the fourth quarter. KBC Group NV now owns 609 shares of the biopharmaceutical company's stock valued at $188,000 after buying an additional 258 shares during the last quarter. Miracle Mile Advisors LLC acquired a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter valued at approximately $216,000. D.A. Davidson & CO. purchased a new position in shares of Madrigal Pharmaceuticals during the fourth quarter worth approximately $221,000. Finally, Atria Investments Inc acquired a new position in shares of Madrigal Pharmaceuticals in the 4th quarter valued at $222,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Insider Activity at Madrigal Pharmaceuticals

In other news, Director James M. Daly sold 15,470 shares of the business's stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $347.45, for a total value of $5,375,051.50. Following the completion of the transaction, the director now directly owns 1,912 shares of the company's stock, valued at $664,324.40. The trade was a 89.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Robert E. Waltermire sold 103 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $335.24, for a total value of $34,529.72. Following the sale, the vice president now directly owns 4,955 shares in the company, valued at approximately $1,661,114.20. The trade was a 2.04 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,900 shares of company stock valued at $12,168,079. Insiders own 22.80% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MDGL. B. Riley upgraded shares of Madrigal Pharmaceuticals from a "hold" rating to a "strong-buy" rating and increased their price target for the stock from $236.00 to $422.00 in a research note on Thursday, February 27th. Citigroup upped their price objective on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a "buy" rating in a research report on Thursday, February 27th. HC Wainwright lifted their target price on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a "buy" rating in a report on Thursday, February 27th. Finally, JMP Securities reissued a "market outperform" rating and set a $427.00 price target on shares of Madrigal Pharmaceuticals in a report on Friday, January 10th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $378.44.

Madrigal Pharmaceuticals Price Performance

Shares of MDGL traded up $9.80 on Friday, reaching $317.15. The stock had a trading volume of 390,555 shares, compared to its average volume of 392,456. Madrigal Pharmaceuticals, Inc. has a twelve month low of $189.00 and a twelve month high of $377.46. The firm has a market capitalization of $7.00 billion, a PE ratio of -12.65 and a beta of -0.69. The firm has a 50-day moving average of $331.33 and a 200 day moving average of $303.74. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last posted its earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) EPS for the quarter, topping analysts' consensus estimates of ($4.32) by $1.61. The firm had revenue of $103.32 million for the quarter, compared to analysts' expectations of $97.81 million. Sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current 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.