Raymond James Financial Inc. Takes $16.62 Million Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Raymond James Financial Inc. acquired a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 53,846 shares of the biopharmaceutical company's stock, valued at approximately $16,615,000. Raymond James Financial Inc. owned 0.25% of Madrigal Pharmaceuticals at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Braidwell LP acquired a new position in shares of Madrigal Pharmaceuticals during the third quarter worth approximately $39,010,000. Eagle Asset Management Inc. bought a new stake in Madrigal Pharmaceuticals during the 3rd quarter valued at $6,875,000. Intech Investment Management LLC acquired a new position in Madrigal Pharmaceuticals during the 3rd quarter worth $1,280,000. Vestal Point Capital LP acquired a new position in shares of Madrigal Pharmaceuticals during the third quarter valued at $6,367,000. Finally, Blueshift Asset Management LLC bought a new stake in shares of Madrigal Pharmaceuticals during the third quarter valued at about $393,000. 98.50% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

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Insider Transactions at Madrigal Pharmaceuticals

In related news, Director James M. Daly sold 15,470 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $347.45, for a total value of $5,375,051.50. Following the completion of the sale, the director now owns 1,912 shares in the company, valued at approximately $664,324.40. This trade represents a 89.00 % 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, VP Robert E. Waltermire sold 442 shares of the business's 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 transaction, the vice president now owns 5,058 shares in the company, valued at $1,382,907.78. This represents a 8.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,900 shares of company stock worth $12,168,079. Company insiders own 22.80% of the company's stock.

Madrigal Pharmaceuticals Stock Performance

MDGL traded up $6.49 on Friday, hitting $341.62. The company had a trading volume of 265,206 shares, compared to its average volume of 389,159. Madrigal Pharmaceuticals, Inc. has a 1-year low of $189.00 and a 1-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. The company's fifty day moving average price is $327.47 and its 200 day moving average price is $292.72. The stock has a market cap of $7.54 billion, a price-to-earnings ratio of -13.62 and a beta of -0.40.

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 for the quarter, compared to the consensus estimate of $97.81 million. Equities analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

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.