Pictet Asset Management Holding SA Buys 57,886 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Pictet Asset Management Holding SA increased its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 38.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 208,484 shares of the biopharmaceutical company's stock after purchasing an additional 57,886 shares during the quarter. Pictet Asset Management Holding SA owned 0.96% of Madrigal Pharmaceuticals worth $64,332,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its stake in shares of Madrigal Pharmaceuticals by 1.8% in the 3rd quarter. Victory Capital Management Inc. now owns 2,292 shares of the biopharmaceutical company's stock worth $486,000 after buying an additional 40 shares during the last quarter. Sanctuary Advisors LLC boosted its position in Madrigal Pharmaceuticals by 5.2% in the fourth quarter. Sanctuary Advisors LLC now owns 1,247 shares of the biopharmaceutical company's stock worth $422,000 after purchasing an additional 62 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Madrigal Pharmaceuticals by 2.5% during the 4th quarter. Arizona State Retirement System now owns 3,774 shares of the biopharmaceutical company's stock valued at $1,165,000 after purchasing an additional 91 shares during the period. Franklin Resources Inc. increased its position in shares of Madrigal Pharmaceuticals by 8.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,383 shares of the biopharmaceutical company's stock valued at $298,000 after purchasing an additional 103 shares during the last quarter. Finally, Xponance Inc. lifted its stake in shares of Madrigal Pharmaceuticals by 9.8% in the 4th quarter. Xponance Inc. now owns 1,268 shares of the biopharmaceutical company's stock worth $391,000 after purchasing an additional 113 shares during the period. Institutional investors own 98.50% of the company's stock.

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Insiders Place Their Bets

In related news, insider Carole Huntsman sold 347 shares of the business's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $335.24, for a total value of $116,328.28. Following the sale, the insider now directly owns 10,438 shares in the company, valued at approximately $3,499,235.12. The trade was a 3.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Rebecca Taub sold 1,689 shares of the firm's stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $273.41, for a total value of $461,789.49. Following the transaction, the chief marketing officer now owns 457,310 shares of the company's stock, valued at $125,033,127.10. This represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,900 shares of company stock worth $12,168,079 in the last 90 days. 22.80% of the stock is currently owned by corporate insiders.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ:MDGL traded down $4.66 during trading on Thursday, hitting $329.94. 56,408 shares of the company's stock were exchanged, compared to its average volume of 388,581. The business's 50-day simple moving average is $334.22 and its 200 day simple moving average is $299.08. The company has a market cap of $7.29 billion, a price-to-earnings ratio of -13.16 and a beta of -0.68. Madrigal Pharmaceuticals, Inc. has a 52-week low of $189.00 and a 52-week 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 announced 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 company had revenue of $103.32 million for the quarter, compared to analysts' expectations of $97.81 million. As a group, equities analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Analyst Ratings Changes

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

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.