Erste Asset Management GmbH Makes New $49.75 Million Investment in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Erste Asset Management GmbH purchased a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 234,400 shares of the biopharmaceutical company's stock, valued at approximately $49,749,000. Erste Asset Management GmbH owned approximately 1.07% of Madrigal Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of MDGL. Avoro Capital Advisors LLC boosted its position in shares of Madrigal Pharmaceuticals by 5.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 2,055,555 shares of the biopharmaceutical company's stock valued at $575,884,000 after acquiring an additional 111,111 shares during the last quarter. Paulson & CO. Inc. lifted its holdings in Madrigal Pharmaceuticals by 10.4% during the 3rd quarter. Paulson & CO. Inc. now owns 2,042,000 shares of the biopharmaceutical company's stock worth $433,353,000 after buying an additional 192,000 shares in the last quarter. Braidwell LP acquired a new position in Madrigal Pharmaceuticals during the 3rd quarter worth $39,010,000. Charles Schwab Investment Management Inc. grew its position in shares of Madrigal Pharmaceuticals by 7.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 147,970 shares of the biopharmaceutical company's stock worth $31,402,000 after buying an additional 9,656 shares in the last quarter. Finally, Fiera Capital Corp acquired a new stake in shares of Madrigal Pharmaceuticals in the 2nd quarter valued at $32,335,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MDGL shares. Cantor Fitzgerald reiterated a "neutral" rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 20th. StockNews.com upgraded shares of Madrigal Pharmaceuticals to a "sell" rating in a report on Saturday, October 12th. UBS Group raised their price target on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a "buy" rating in a research report on Friday, November 1st. HC Wainwright reaffirmed a "buy" rating and issued a $390.00 target price on shares of Madrigal Pharmaceuticals in a research note on Tuesday, October 22nd. Finally, Citigroup cut 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. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $347.33.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Richard S. Levy sold 5,000 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on 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 directly owns 11,012 shares in the company, valued at $3,313,951.28. This trade represents a 31.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William John Sibold sold 6,363 shares of Madrigal Pharmaceuticals stock in a transaction on Monday, September 9th. The stock was 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 owns 55,887 shares in the company, valued at approximately $13,626,927.21. This trade represents a 10.22 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,763 shares of company stock valued at $4,247,210. Insiders own 22.80% of the company's stock.

Madrigal Pharmaceuticals Price Performance

NASDAQ:MDGL traded down $3.26 on Friday, reaching $328.19. The stock had a trading volume of 189,365 shares, compared to its average volume of 620,591. The stock has a fifty day moving average price of $262.31 and a 200-day moving average price of $259.04. 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 company has a market capitalization of $7.16 billion, a P/E ratio of -13.09 and a beta of -0.46. Madrigal Pharmaceuticals, Inc. has a 1-year low of $168.25 and a 1-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 firm had revenue of $62.18 million for the quarter, compared to the consensus estimate of $34.60 million. During the same period in the previous year, the business earned ($5.34) EPS. Research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -24.08 EPS for the current year.

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.