1,681 Shares in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Bought by Cibc World Markets Corp

Cibc World Markets Corp acquired a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 1,681 shares of the biopharmaceutical company's stock, valued at approximately $519,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. increased its position in shares of Madrigal Pharmaceuticals by 1.8% during the 3rd quarter. Victory Capital Management Inc. now owns 2,292 shares of the biopharmaceutical company's stock worth $486,000 after purchasing an additional 40 shares during the last quarter. Quest Partners LLC increased its holdings in Madrigal Pharmaceuticals by 172.8% during the third quarter. Quest Partners LLC now owns 581 shares of the biopharmaceutical company's stock worth $123,000 after buying an additional 368 shares during the last quarter. Intech Investment Management LLC bought a new stake in Madrigal Pharmaceuticals during the third quarter worth $1,280,000. Charles Schwab Investment Management Inc. lifted its stake in Madrigal Pharmaceuticals by 7.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 147,970 shares of the biopharmaceutical company's stock valued at $31,402,000 after acquiring an additional 9,656 shares during the last quarter. Finally, Eagle Asset Management Inc. bought a new position in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at about $6,875,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Wall Street Analysts Forecast Growth

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

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Madrigal Pharmaceuticals Stock Performance

Shares of MDGL traded down $9.47 during mid-day trading on Wednesday, hitting $333.82. 173,728 shares of the company's stock were exchanged, compared to its average volume of 386,084. 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, Inc. has a 52 week low of $189.00 and a 52 week high of $377.46. The stock's 50-day simple moving average is $329.76 and its 200-day simple moving average is $295.52. The firm has a market cap of $7.37 billion, a price-to-earnings ratio of -13.31 and a beta of -0.41.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share for the quarter, beating the consensus estimate of ($4.32) by $1.61. The company had revenue of $103.32 million during the quarter, compared to analyst estimates of $97.81 million. On average, equities research analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Insider Activity at Madrigal Pharmaceuticals

In other news, VP Robert E. Waltermire sold 14,113 shares of Madrigal Pharmaceuticals stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $341.32, for a total value of $4,817,049.16. Following the transaction, the vice president now owns 3,728 shares in the company, valued at approximately $1,272,440.96. This trade represents a 79.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James M. Daly sold 15,470 shares of the company'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 sale, the director now owns 1,912 shares of the company's stock, valued at approximately $664,324.40. This represents a 89.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,900 shares of company stock valued at $12,168,079 over the last quarter. 22.80% of the stock is owned by corporate insiders.

Madrigal Pharmaceuticals 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.