Mirae Asset Global Investments Co. Ltd. Sells 5,915 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Mirae Asset Global Investments Co. Ltd. trimmed its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 7.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 76,822 shares of the biopharmaceutical company's stock after selling 5,915 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.35% of Madrigal Pharmaceuticals worth $16,319,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. 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 valued at $41,000 after purchasing an additional 39 shares during the last quarter. Creative Planning lifted its stake in Madrigal Pharmaceuticals by 2.7% in the 3rd quarter. Creative Planning now owns 3,299 shares of the biopharmaceutical company's stock worth $700,000 after acquiring an additional 87 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in Madrigal Pharmaceuticals by 1,633.3% in the 2nd quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company's stock worth $29,000 after acquiring an additional 98 shares in the last quarter. Amalgamated Bank lifted its stake in Madrigal Pharmaceuticals by 20.2% in the 2nd quarter. Amalgamated Bank now owns 607 shares of the biopharmaceutical company's stock worth $170,000 after acquiring an additional 102 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Madrigal Pharmaceuticals by 5.8% in the 2nd quarter. Victory Capital Management Inc. now owns 2,252 shares of the biopharmaceutical company's stock worth $631,000 after acquiring an additional 124 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Stock Up 3.8 %

Shares of NASDAQ MDGL traded up $7.68 during mid-day trading on Friday, reaching $210.67. 565,768 shares of the company traded hands, compared to its average volume of 422,356. The company has a debt-to-equity ratio of 0.14, a quick ratio of 8.67 and a current ratio of 8.72. The stock has a market cap of $4.49 billion, a PE ratio of -9.12 and a beta of -0.44. The company's fifty day moving average is $228.28 and its two-hundred day moving average is $242.43. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $299.98.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($7.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($7.55) by $0.45. The business had revenue of $14.64 million during the quarter, compared to analyst estimates of $4.25 million. The business's quarterly revenue was up 146280.0% compared to the same quarter last year. During the same period last year, the business earned ($4.69) EPS. On average, analysts expect that Madrigal Pharmaceuticals, Inc. will post -27.47 earnings per share for the current year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 6,363 shares of the firm's stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $243.83, for a total value of $1,551,490.29. Following the sale, the chief executive officer now owns 55,887 shares of the company's stock, valued at $13,626,927.21. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 23.92% of the company's stock.

Analysts Set New Price Targets

MDGL has been the subject of several research analyst reports. Citigroup reduced their price objective on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a "buy" rating for the company in a research note on Thursday, August 8th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Madrigal Pharmaceuticals in a research report on Friday, October 11th. JMP Securities upped their target price on Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the stock a "market outperform" rating in a research report on Tuesday, July 16th. StockNews.com raised Madrigal Pharmaceuticals to a "sell" rating in a research report on Saturday, October 12th. Finally, Evercore ISI dropped their target price on Madrigal Pharmaceuticals from $405.00 to $360.00 and set an "outperform" rating on the stock in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Madrigal Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $341.75.

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.