State Street Corp Increases Stock Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

State Street Corp boosted its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 19.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 887,752 shares of the biopharmaceutical company's stock after purchasing an additional 143,038 shares during the period. State Street Corp owned approximately 4.07% of Madrigal Pharmaceuticals worth $188,399,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in MDGL. First Horizon Advisors Inc. lifted its holdings in Madrigal Pharmaceuticals by 1,633.3% in the second quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company's stock valued at $29,000 after acquiring an additional 98 shares during the last quarter. Signaturefd LLC raised its position in Madrigal Pharmaceuticals by 36.8% in the second quarter. Signaturefd LLC now owns 145 shares of the biopharmaceutical company's stock valued at $41,000 after purchasing an additional 39 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Madrigal Pharmaceuticals by 47.6% in the 3rd quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company's stock valued at $45,000 after purchasing an additional 68 shares during the last quarter. Quest Partners LLC grew its holdings in shares of Madrigal Pharmaceuticals by 5,225.0% during the 2nd quarter. Quest Partners LLC now owns 213 shares of the biopharmaceutical company's stock worth $60,000 after purchasing an additional 209 shares during the period. Finally, Comerica Bank increased its position in shares of Madrigal Pharmaceuticals by 615.4% during the 1st quarter. Comerica Bank now owns 372 shares of the biopharmaceutical company's stock worth $99,000 after purchasing an additional 320 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Madrigal Pharmaceuticals Stock Up 0.7 %

NASDAQ:MDGL traded up $2.03 during midday trading on Friday, reaching $304.50. The company had a trading volume of 322,468 shares, compared to its average volume of 436,085. Madrigal Pharmaceuticals, Inc. has a 12-month low of $168.25 and a 12-month high of $368.29. The firm has a market capitalization of $6.64 billion, a price-to-earnings ratio of -12.14 and a beta of -0.42. 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 stock's fifty day simple moving average is $280.39 and its 200-day simple moving average is $264.25.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share (EPS) for the quarter, beating the consensus estimate of ($6.94) by $2.02. The company had revenue of $62.18 million during the quarter, compared to analysts' expectations of $34.60 million. During the same quarter in the previous year, the business posted ($5.34) EPS. On average, sell-side analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Fred B. Craves sold 3,600 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $315.31, for a total value of $1,135,116.00. Following the transaction, the director now owns 11,000 shares in the company, valued at approximately $3,468,410. This represents a 24.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard S. Levy sold 5,000 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $300.94, for a total value of $1,504,700.00. Following the sale, the director now owns 11,012 shares of the company's stock, valued at approximately $3,313,951.28. The trade was a 31.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,000 shares of company stock worth $3,830,836 over the last 90 days. 22.80% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have commented on MDGL shares. UBS Group upped their target price on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a "buy" rating in a research report on Friday, November 1st. StockNews.com upgraded shares of Madrigal Pharmaceuticals to a "sell" rating in a report on Saturday, October 12th. B. Riley increased their price objective on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 5th. Oppenheimer cut their target price on Madrigal Pharmaceuticals from $375.00 to $350.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 23rd. Finally, HC Wainwright restated a "buy" rating and set a $390.00 price target on shares of Madrigal Pharmaceuticals in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $347.33.

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.