Connor Clark & Lunn Investment Management Ltd. Decreases Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Connor Clark & Lunn Investment Management Ltd. cut its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 13.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,083 shares of the biopharmaceutical company's stock after selling 10,979 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.33% of Madrigal Pharmaceuticals worth $15,297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in shares of Madrigal Pharmaceuticals by 106.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 803,213 shares of the biopharmaceutical company's stock worth $214,491,000 after buying an additional 414,484 shares in the last quarter. Fiera Capital Corp bought a new stake in shares of Madrigal Pharmaceuticals during the 2nd quarter valued at about $32,335,000. Avoro Capital Advisors LLC grew its holdings in shares of Madrigal Pharmaceuticals by 5.7% during the second quarter. Avoro Capital Advisors LLC now owns 2,055,555 shares of the biopharmaceutical company's stock worth $575,884,000 after purchasing an additional 111,111 shares in the last quarter. Artal Group S.A. bought a new position in shares of Madrigal Pharmaceuticals in the first quarter worth approximately $29,510,000. Finally, Point72 Asset Management L.P. raised its stake in Madrigal Pharmaceuticals by 172.6% in the second quarter. Point72 Asset Management L.P. now owns 40,958 shares of the biopharmaceutical company's stock valued at $11,475,000 after purchasing an additional 97,387 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Madrigal Pharmaceuticals Trading Up 3.4 %

Shares of NASDAQ:MDGL traded up $10.93 during midday trading on Thursday, hitting $328.02. 328,424 shares of the stock traded hands, compared to its average volume of 443,683. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15. The business's 50 day moving average is $248.39 and its two-hundred day moving average is $253.08. The stock has a market capitalization of $7.15 billion, a PE ratio of -12.64 and a beta of -0.46. Madrigal Pharmaceuticals, Inc. has a one year low of $168.25 and a one year high of $368.29.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share for the quarter, topping the consensus estimate of ($6.94) by $2.02. The business had revenue of $62.18 million during the quarter, compared to analysts' expectations of $34.60 million. During the same quarter last year, the business posted ($5.34) EPS. As a group, research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -24.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on MDGL. HC Wainwright reissued a "buy" rating and issued a $390.00 price target on shares of Madrigal Pharmaceuticals in a research note on Tuesday, October 22nd. Cantor Fitzgerald reiterated a "neutral" rating on shares of Madrigal Pharmaceuticals in a report on Wednesday. StockNews.com raised Madrigal Pharmaceuticals to a "sell" rating in a report on Saturday, October 12th. Evercore ISI cut their target price on Madrigal Pharmaceuticals from $405.00 to $360.00 and set an "outperform" rating for the company in a research note on Thursday, August 8th. Finally, B. Riley lifted their price target on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 5th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $347.33.

Insider Buying and Selling at Madrigal Pharmaceuticals

In related news, Director Richard S. Levy sold 5,000 shares of the business's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $300.94, for a total transaction of $1,504,700.00. Following the sale, the director now owns 11,012 shares of the company's stock, valued at $3,313,951.28. The trade was a 31.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William John Sibold sold 6,363 shares of the firm's stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $243.83, for a total transaction of $1,551,490.29. Following the transaction, the chief executive officer now directly owns 55,887 shares of the company's stock, valued at $13,626,927.21. This represents a 10.22 % decrease in their position. The disclosure for this sale can be found here. Insiders own 22.80% of the company's stock.

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.