KLP Kapitalforvaltning AS Acquires Shares of 2,600 Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

KLP Kapitalforvaltning AS bought a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,600 shares of the biopharmaceutical company's stock, valued at approximately $802,000.

A number of other institutional investors have also recently modified their holdings of MDGL. Sanctuary Advisors LLC boosted its stake in Madrigal Pharmaceuticals by 5.2% in the 4th quarter. Sanctuary Advisors LLC now owns 1,247 shares of the biopharmaceutical company's stock worth $422,000 after purchasing an additional 62 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Madrigal Pharmaceuticals by 2.5% in the fourth quarter. Arizona State Retirement System now owns 3,774 shares of the biopharmaceutical company's stock worth $1,165,000 after buying an additional 91 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Madrigal Pharmaceuticals by 8.0% during the third quarter. Franklin Resources Inc. now owns 1,383 shares of the biopharmaceutical company's stock valued at $298,000 after buying an additional 103 shares during the last quarter. Xponance Inc. grew its holdings in shares of Madrigal Pharmaceuticals by 9.8% during the fourth quarter. Xponance Inc. now owns 1,268 shares of the biopharmaceutical company's stock valued at $391,000 after buying an additional 113 shares during the last quarter. Finally, Cavalier Investments LLC increased its position in shares of Madrigal Pharmaceuticals by 4.0% during the fourth quarter. Cavalier Investments LLC now owns 3,785 shares of the biopharmaceutical company's stock valued at $1,168,000 after acquiring an additional 144 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

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

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL traded down $12.71 on Friday, reaching $314.39. The company's stock had a trading volume of 343,494 shares, compared to its average volume of 389,006. The stock's 50 day simple moving average is $333.68 and its two-hundred day simple moving average is $300.30. 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 stock has a market capitalization of $6.94 billion, a P/E ratio of -12.54 and a beta of -0.68. Madrigal Pharmaceuticals, Inc. has a 12-month low of $189.00 and a 12-month high of $377.46.

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

Insiders Place Their Bets

In other news, insider Carole Huntsman sold 347 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 $116,328.28. Following the completion of the sale, the insider now directly owns 10,438 shares of the company's stock, valued at $3,499,235.12. This represents a 3.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James M. Daly sold 15,470 shares of the firm's stock in a transaction on 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 $664,324.40. The trade was a 89.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,900 shares of company stock worth $12,168,079 over the last quarter. 22.80% of the stock is currently owned by corporate insiders.

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.