Cibc World Markets Corp Buys New Stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

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

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Paulson & CO. Inc. grew its position in shares of Madrigal Pharmaceuticals by 10.4% in the 3rd quarter. Paulson & CO. Inc. now owns 2,042,000 shares of the biopharmaceutical company's stock valued at $433,353,000 after buying an additional 192,000 shares during the last quarter. RTW Investments LP grew its holdings in shares of Madrigal Pharmaceuticals by 4.1% during the third quarter. RTW Investments LP now owns 1,993,687 shares of the biopharmaceutical company's stock worth $423,100,000 after purchasing an additional 77,825 shares during the last quarter. State Street Corp lifted its holdings in shares of Madrigal Pharmaceuticals by 19.2% in the 3rd quarter. State Street Corp now owns 887,752 shares of the biopharmaceutical company's stock valued at $188,399,000 after purchasing an additional 143,038 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Madrigal Pharmaceuticals by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 405,655 shares of the biopharmaceutical company's stock valued at $86,104,000 after purchasing an additional 5,801 shares during the period. Finally, Erste Asset Management GmbH purchased a new position in Madrigal Pharmaceuticals during the 3rd quarter worth approximately $49,749,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Remove Ads

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, VP Robert E. Waltermire sold 103 shares of the business's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $335.24, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Rebecca Taub sold 1,689 shares of the company's stock in a transaction on Friday, January 17th. The shares were sold at an average price of $273.41, for a total value of $461,789.49. Following the completion of the sale, the chief marketing officer now directly owns 457,310 shares in the company, valued at $125,033,127.10. This trade represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,900 shares of company stock worth $12,168,079 over the last 90 days. Company insiders own 22.80% of the company's stock.

Wall Street Analyst Weigh In

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

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL stock traded down $1.19 during trading hours on Tuesday, reaching $345.21. 16,469 shares of the company's stock were exchanged, compared to its average volume of 387,769. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93. The company's 50 day moving average is $328.38 and its two-hundred day moving average is $294.82. The company has a market cap of $7.62 billion, a P/E ratio of -13.76 and a beta of -0.41. Madrigal Pharmaceuticals, Inc. has a 1 year low of $189.00 and a 1 year high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share (EPS) for the quarter, topping the consensus estimate of ($4.32) by $1.61. The business had revenue of $103.32 million during the quarter, compared to analysts' expectations of $97.81 million. Equities research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal 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.