Rossby Financial LCC Invests $323,000 in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Rossby Financial LCC purchased a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,048 shares of the biopharmaceutical company's stock, valued at approximately $323,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. William Blair Investment Management LLC purchased a new position in Madrigal Pharmaceuticals during the 4th quarter worth $114,717,000. Renaissance Technologies LLC raised its position in Madrigal Pharmaceuticals by 261.3% during the fourth quarter. Renaissance Technologies LLC now owns 160,782 shares of the biopharmaceutical company's stock worth $49,613,000 after acquiring an additional 116,285 shares during the period. Norges Bank acquired a new position in shares of Madrigal Pharmaceuticals during the fourth quarter valued at approximately $35,514,000. FMR LLC boosted its stake in Madrigal Pharmaceuticals by 10.8% during the 4th quarter. FMR LLC now owns 867,850 shares of the biopharmaceutical company's stock worth $267,792,000 after purchasing an additional 84,305 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in Madrigal Pharmaceuticals by 2,981.8% during the 4th 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 in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MDGL shares. B. Riley upgraded shares of Madrigal Pharmaceuticals from a "hold" rating to a "strong-buy" rating and lifted their target price for the company from $236.00 to $422.00 in a report on Thursday, February 27th. HC Wainwright lifted their price objective 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. JMP Securities reissued a "market outperform" rating and set a $427.00 price objective on shares of Madrigal Pharmaceuticals in a report on Friday, January 10th. Finally, Citigroup upped their target price on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a "buy" rating in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $378.44.

Insider Activity at Madrigal Pharmaceuticals

In related news, insider Carole Huntsman sold 347 shares of the 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 $116,328.28. Following the sale, the insider now owns 10,438 shares in the company, valued at approximately $3,499,235.12. This trade represents a 3.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William John Sibold sold 1,584 shares of the business'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 $531,020.16. Following the transaction, the chief executive officer now directly owns 54,303 shares of the company's stock, valued at $18,204,537.72. This trade represents a 2.83 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 33,492 shares of company stock worth $11,509,707. 22.80% of the stock is owned by company insiders.

Madrigal Pharmaceuticals Stock Down 2.0 %

NASDAQ MDGL traded down $6.12 on Friday, reaching $301.66. The stock had a trading volume of 238,598 shares, compared to its average volume of 393,287. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $6.66 billion, a price-to-earnings ratio of -12.03 and a beta of -0.69. The business has a 50 day moving average price of $328.97 and a 200 day moving average price of $306.52. Madrigal Pharmaceuticals, Inc. has a 1 year low of $189.00 and a 1 year high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share 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 analyst estimates of $97.81 million. On average, analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Madrigal Pharmaceuticals 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.