Norges Bank Takes Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Norges Bank acquired a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 115,092 shares of the biopharmaceutical company's stock, valued at approximately $35,514,000. Norges Bank owned 0.53% of Madrigal Pharmaceuticals as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Kohmann Bosshard Financial Services LLC bought a new position in shares of Madrigal Pharmaceuticals in the 4th quarter worth approximately $70,000. KBC Group NV increased its holdings in Madrigal Pharmaceuticals by 73.5% in 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 in the last quarter. Miracle Mile Advisors LLC purchased a new stake in Madrigal Pharmaceuticals in the 4th quarter worth approximately $216,000. D.A. Davidson & CO. purchased a new stake in Madrigal Pharmaceuticals in the 4th quarter worth approximately $221,000. Finally, Atria Investments Inc purchased a new stake in Madrigal Pharmaceuticals in the 4th quarter worth approximately $222,000. Institutional investors own 98.50% of the company's stock.

Insider Buying and Selling

In related news, insider Carole Huntsman sold 347 shares of the firm's stock in a transaction 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 completion of the sale, the insider now directly owns 10,438 shares in the company, valued at $3,499,235.12. This trade represents a 3.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Robert E. Waltermire sold 14,113 shares of Madrigal Pharmaceuticals stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $341.32, for a total value of $4,817,049.16. Following the sale, the vice president now owns 3,728 shares of the company's stock, valued at approximately $1,272,440.96. This trade represents a 79.10 % 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 three months. 22.80% of the stock is owned by insiders.

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Wall Street Analyst Weigh In

MDGL has been the subject of several analyst reports. B. Riley raised shares of Madrigal Pharmaceuticals from a "hold" rating to a "strong-buy" rating and increased their target price for the stock from $236.00 to $422.00 in a report on Thursday, February 27th. Citigroup increased their target price on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a "buy" rating in a report on Thursday, February 27th. HC Wainwright increased their price objective on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a "buy" rating in a report on Thursday, February 27th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $427.00 price objective on shares of Madrigal Pharmaceuticals in a report on Friday, January 10th. 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 given a strong buy rating to the company's stock. According to data from MarketBeat, Madrigal Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $378.44.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ MDGL traded down $8.40 during midday trading on Thursday, reaching $305.55. 24,670 shares of the stock traded hands, compared to its average volume of 389,711. The stock has a market capitalization of $6.75 billion, a PE ratio of -12.18 and a beta of -0.69. The company's 50 day moving average is $331.80 and its 200 day moving average is $302.45. Madrigal Pharmaceuticals, Inc. has a one year low of $189.00 and a one year high of $377.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93.

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, topping analysts' consensus estimates of ($4.32) by $1.61. The company had revenue of $103.32 million during the quarter, compared to the consensus estimate of $97.81 million. On average, equities research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

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.