Alliancebernstein L.P. Reduces Holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Alliancebernstein L.P. reduced its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 16.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,772 shares of the biopharmaceutical company's stock after selling 7,358 shares during the quarter. Alliancebernstein L.P. owned about 0.17% of Madrigal Pharmaceuticals worth $11,655,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. Kohmann Bosshard Financial Services LLC acquired a new position in Madrigal Pharmaceuticals during the 4th quarter valued at approximately $70,000. KBC Group NV lifted its position in Madrigal Pharmaceuticals by 73.5% during the 4th quarter. KBC Group NV now owns 609 shares of the biopharmaceutical company's stock worth $188,000 after acquiring an additional 258 shares during the period. Miracle Mile Advisors LLC purchased a new stake in Madrigal Pharmaceuticals during the 4th quarter valued at about $216,000. D.A. Davidson & CO. purchased a new position in shares of Madrigal Pharmaceuticals in the fourth quarter worth about $221,000. Finally, Atria Investments Inc acquired a new stake in shares of Madrigal Pharmaceuticals during the fourth quarter worth about $222,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, VP Robert E. Waltermire sold 442 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $273.41, for a total value of $120,847.22. Following the completion of the sale, the vice president now owns 5,058 shares in the company, valued at approximately $1,382,907.78. This represents a 8.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Carole Huntsman sold 347 shares of the business's stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $335.24, for a total value of $116,328.28. Following the transaction, the insider now owns 10,438 shares in the company, valued at approximately $3,499,235.12. This represents a 3.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,900 shares of company stock worth $12,168,079. 22.80% of the stock is owned by corporate insiders.

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Madrigal Pharmaceuticals Price Performance

MDGL traded up $0.75 during midday trading on Tuesday, hitting $323.07. 25,602 shares of the company traded hands, compared to its average volume of 390,873. The company has a market capitalization of $7.13 billion, a price-to-earnings ratio of -12.91 and a beta of -0.69. The business has a 50 day simple moving average of $330.97 and a two-hundred day simple moving average of $305.13. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. Madrigal Pharmaceuticals, Inc. has a 52-week low of $189.00 and a 52-week high of $377.46.

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

Analyst Ratings Changes

Several brokerages have commented on MDGL. B. Riley upgraded shares of Madrigal Pharmaceuticals from a "hold" rating to a "strong-buy" rating and lifted their price objective for the company from $236.00 to $422.00 in a research note on Thursday, February 27th. Citigroup lifted their price objective on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a "buy" rating in a research note on Thursday, February 27th. HC Wainwright raised their target price on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a "buy" rating in a report on Thursday, February 27th. Finally, JMP Securities restated a "market outperform" rating and issued a $427.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Friday, January 10th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $378.44.

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.