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

Martingale Asset Management L P acquired a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 5,764 shares of the biopharmaceutical company's stock, valued at approximately $1,223,000.

A number of other hedge funds have also added to or reduced their stakes in MDGL. First Horizon Advisors Inc. grew its stake in shares of Madrigal Pharmaceuticals by 1,633.3% during the second quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company's stock worth $29,000 after buying an additional 98 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 36.8% during the second quarter. Signaturefd LLC now owns 145 shares of the biopharmaceutical company's stock worth $41,000 after purchasing an additional 39 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 47.6% during the third quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company's stock worth $45,000 after purchasing an additional 68 shares during the period. Quest Partners LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 5,225.0% during the second quarter. Quest Partners LLC now owns 213 shares of the biopharmaceutical company's stock worth $60,000 after purchasing an additional 209 shares during the period. Finally, Comerica Bank lifted its holdings in shares of Madrigal Pharmaceuticals by 615.4% during the first quarter. Comerica Bank now owns 372 shares of the biopharmaceutical company's stock worth $99,000 after purchasing an additional 320 shares during the period. 98.50% of the stock is owned by institutional investors.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL stock traded down $9.64 during trading on Monday, reaching $318.55. 295,624 shares of the company's stock traded hands, compared to its average volume of 441,437. The company has a market capitalization of $6.95 billion, a P/E ratio of -12.70 and a beta of -0.46. 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's 50-day moving average is $264.17 and its 200 day moving average is $260.09. 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 announced its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) EPS for the quarter, beating analysts' consensus estimates of ($6.94) by $2.02. The business had revenue of $62.18 million for the quarter, compared to analysts' expectations of $34.60 million. During the same quarter in the previous year, the company posted ($5.34) earnings per share. Equities research analysts expect that Madrigal Pharmaceuticals, Inc. will post -24.08 EPS for the current year.

Insiders Place Their Bets

In other news, Director Fred B. Craves sold 3,400 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $350.30, for a total value of $1,191,020.00. Following the transaction, the director now owns 14,600 shares of the company's stock, valued at $5,114,380. This represents a 18.89 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William John Sibold sold 6,363 shares of the 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 completion of the transaction, the chief executive officer now directly owns 55,887 shares in the company, valued at $13,626,927.21. The trade was a 10.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,763 shares of company stock worth $4,247,210 in the last three months. 22.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Citigroup cut their price target on shares of Madrigal Pharmaceuticals from $382.00 to $371.00 and set a "buy" rating on the stock in a report on Thursday, August 8th. Oppenheimer dropped their target price 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. Evercore ISI dropped their target price on shares of Madrigal Pharmaceuticals from $405.00 to $360.00 and set an "outperform" rating on the stock in a report on Thursday, August 8th. Cantor Fitzgerald restated a "neutral" rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, November 20th. Finally, HC Wainwright restated a "buy" rating and issued a $390.00 target price on shares of Madrigal Pharmaceuticals in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Madrigal Pharmaceuticals has an average rating of "Moderate Buy" and an average price target of $347.33.

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.