Fmr LLC Buys 84,305 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

FMR LLC increased its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 10.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 867,850 shares of the biopharmaceutical company's stock after acquiring an additional 84,305 shares during the period. FMR LLC owned about 3.98% of Madrigal Pharmaceuticals worth $267,792,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. William Blair Investment Management LLC acquired a new stake in shares of Madrigal Pharmaceuticals during the 4th quarter valued at about $114,717,000. State Street Corp grew its position in Madrigal Pharmaceuticals by 19.2% in the third quarter. State Street Corp now owns 887,752 shares of the biopharmaceutical company's stock worth $188,399,000 after acquiring an additional 143,038 shares in the last quarter. Norges Bank acquired a new position in shares of Madrigal Pharmaceuticals during the 4th quarter worth $35,514,000. Victory Capital Management Inc. increased its position in Madrigal Pharmaceuticals by 2,981.8% during the fourth quarter. Victory Capital Management Inc. now owns 70,635 shares of the biopharmaceutical company's stock worth $21,796,000 after buying an additional 68,343 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its stake in shares of Madrigal Pharmaceuticals by 38.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 208,484 shares of the biopharmaceutical company's stock worth $64,332,000 after acquiring an additional 57,886 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

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Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ:MDGL traded down $1.22 on Tuesday, hitting $321.10. 195,589 shares of the company were exchanged, compared to its average volume of 391,532. The company's 50 day moving average price is $330.97 and its two-hundred day moving average price is $305.13. The firm has a market capitalization of $7.09 billion, a price-to-earnings ratio of -12.80 and a beta of -0.69. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.93 and a current ratio of 5.98. Madrigal Pharmaceuticals, Inc. has a one year low of $189.00 and a one year high of $377.46.

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

Wall Street Analyst Weigh In

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

Insider Activity

In other news, CEO William John Sibold sold 1,584 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $335.24, for a total value of $531,020.16. Following the completion of the transaction, the chief executive officer now owns 54,303 shares in the company, valued at approximately $18,204,537.72. This represents a 2.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James M. Daly sold 15,470 shares of Madrigal Pharmaceuticals stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $347.45, for a total transaction of $5,375,051.50. Following the sale, the director now owns 1,912 shares in the company, valued at approximately $664,324.40. This trade represents a 89.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,900 shares of company stock worth $12,168,079. Company insiders own 22.80% of the company's stock.

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.