Eagle Asset Management Inc. Makes New Investment in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Eagle Asset Management Inc. acquired a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 32,396 shares of the biopharmaceutical company's stock, valued at approximately $6,875,000. Eagle Asset Management Inc. owned approximately 0.15% of Madrigal Pharmaceuticals at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Russell Investments Group Ltd. bought a new position in Madrigal Pharmaceuticals in the first quarter worth $1,466,000. Vanguard Group Inc. lifted its position in Madrigal Pharmaceuticals by 6.0% during the 1st quarter. Vanguard Group Inc. now owns 1,668,806 shares of the biopharmaceutical company's stock valued at $445,638,000 after acquiring an additional 94,064 shares during the period. EntryPoint Capital LLC bought a new stake in Madrigal Pharmaceuticals during the first quarter worth about $41,000. Price T Rowe Associates Inc. MD grew its holdings in 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 purchasing an additional 414,484 shares during the period. Finally, Castleark Management LLC bought a new position in shares of Madrigal Pharmaceuticals during the first quarter valued at approximately $2,459,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Madrigal Pharmaceuticals

In related news, CEO William John Sibold sold 6,363 shares of Madrigal Pharmaceuticals stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 55,887 shares of the company's stock, valued at approximately $13,626,927.21. The trade was a 10.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard S. Levy sold 5,000 shares of the business's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $300.94, for a total value of $1,504,700.00. Following the transaction, the director now owns 11,012 shares of the company's stock, valued at approximately $3,313,951.28. The trade was a 31.23 % decrease in their position. The disclosure for this sale can be found here. Insiders own 22.80% of the company's stock.

Madrigal Pharmaceuticals Price Performance

MDGL traded down $2.27 on Monday, hitting $345.18. 431,966 shares of the company's stock traded hands, compared to its average volume of 444,047. Madrigal Pharmaceuticals, Inc. has a one year low of $168.25 and a one year high of $368.29. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. The firm has a market cap of $7.53 billion, a price-to-earnings ratio of -13.85 and a beta of -0.46. The company's 50 day simple moving average is $252.37 and its 200-day simple moving average is $254.96.

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on MDGL shares. Citigroup reduced their price target on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a "buy" rating for the company in a report on Thursday, August 8th. StockNews.com raised shares of 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 on the stock in a research note on Thursday, August 8th. HC Wainwright restated a "buy" rating and set a $390.00 target price on shares of Madrigal Pharmaceuticals in a research note on Tuesday, October 22nd. Finally, Oppenheimer dropped their price target on shares of Madrigal Pharmaceuticals from $375.00 to $350.00 and set an "outperform" rating on the stock in a report on Wednesday, October 23rd. 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 company's stock. Based on data from MarketBeat.com, Madrigal Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $347.33.

About Madrigal Pharmaceuticals

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.