Renaissance Technologies LLC Acquires 116,285 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Renaissance Technologies LLC grew its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 261.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 160,782 shares of the biopharmaceutical company's stock after acquiring an additional 116,285 shares during the quarter. Renaissance Technologies LLC owned 0.74% of Madrigal Pharmaceuticals worth $49,613,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. William Blair Investment Management LLC acquired a new position in Madrigal Pharmaceuticals during the fourth quarter worth $114,717,000. State Street Corp boosted its stake in shares of Madrigal Pharmaceuticals by 19.2% during the 3rd quarter. State Street Corp now owns 887,752 shares of the biopharmaceutical company's stock worth $188,399,000 after buying an additional 143,038 shares during the last quarter. Norges Bank acquired a new position in shares of Madrigal Pharmaceuticals during the 4th quarter worth about $35,514,000. FMR LLC grew its holdings in shares of Madrigal Pharmaceuticals by 10.8% in the 4th quarter. FMR LLC now owns 867,850 shares of the biopharmaceutical company's stock valued at $267,792,000 after acquiring an additional 84,305 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Madrigal Pharmaceuticals by 2,981.8% in the fourth quarter. Victory Capital Management Inc. now owns 70,635 shares of the biopharmaceutical company's stock valued at $21,796,000 after acquiring an additional 68,343 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

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Madrigal Pharmaceuticals Stock Performance

Shares of MDGL traded down $1.96 during trading hours on Tuesday, hitting $320.37. The company had a trading volume of 112,344 shares, compared to its average volume of 391,531. The firm has a market cap of $7.07 billion, a price-to-earnings ratio of -12.77 and a beta of -0.69. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15. The business has a fifty day moving average of $330.97 and a 200-day moving average of $305.13. Madrigal Pharmaceuticals, Inc. has a 12 month low of $189.00 and a 12 month high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last issued 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 company had revenue of $103.32 million for the quarter, compared to analyst estimates of $97.81 million. Equities analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, CEO William John Sibold sold 1,584 shares of the firm's stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $335.24, for a total transaction of $531,020.16. Following the transaction, the chief executive officer now directly owns 54,303 shares of the company's stock, valued at approximately $18,204,537.72. This trade represents a 2.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James M. Daly sold 15,470 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $347.45, for a total transaction of $5,375,051.50. Following the completion of the sale, the director now owns 1,912 shares of the company's stock, valued at approximately $664,324.40. The trade was a 89.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,900 shares of company stock valued at $12,168,079 in the last ninety days. 22.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Citigroup raised their price target on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a "buy" rating in a research note on Thursday, February 27th. JMP Securities reissued a "market outperform" rating and issued a $427.00 target price on shares of Madrigal Pharmaceuticals in a research note on Friday, January 10th. B. Riley upgraded shares of Madrigal Pharmaceuticals from a "hold" rating to a "strong-buy" rating and boosted their target price for the stock from $236.00 to $422.00 in a report on Thursday, February 27th. Finally, HC Wainwright increased their price target on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a "buy" rating in a research note 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 given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $378.44.

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.