Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Stock Position Lessened by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 16.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,957 shares of the biopharmaceutical company's stock after selling 5,721 shares during the quarter. The Manufacturers Life Insurance Company owned 0.14% of Madrigal Pharmaceuticals worth $6,357,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. First Horizon Advisors Inc. grew its stake in Madrigal Pharmaceuticals by 1,633.3% during the second quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company's stock worth $29,000 after buying an additional 98 shares during the period. Signaturefd LLC boosted its position in Madrigal Pharmaceuticals by 36.8% during the 2nd quarter. Signaturefd LLC now owns 145 shares of the biopharmaceutical company's stock worth $41,000 after purchasing an additional 39 shares during the period. Nisa Investment Advisors LLC increased its holdings in 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 in the last quarter. Quest Partners LLC increased its holdings in Madrigal Pharmaceuticals by 5,225.0% in the 2nd quarter. Quest Partners LLC now owns 213 shares of the biopharmaceutical company's stock valued at $60,000 after purchasing an additional 209 shares in the last quarter. Finally, Comerica Bank raised its position in Madrigal Pharmaceuticals by 615.4% in the first quarter. Comerica Bank now owns 372 shares of the biopharmaceutical company's stock valued at $99,000 after purchasing an additional 320 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Insider Activity at Madrigal Pharmaceuticals

In related news, Director Fred B. Craves sold 3,400 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $350.30, for a total transaction of $1,191,020.00. Following the completion of the transaction, the director now owns 14,600 shares in the company, valued at $5,114,380. The trade was a 18.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William John Sibold sold 6,363 shares of the firm's stock in a transaction on Monday, September 9th. The shares were sold at an average price of $243.83, for a total value of $1,551,490.29. Following the completion of the sale, the chief executive officer now owns 55,887 shares in the company, valued at $13,626,927.21. The trade was a 10.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,363 shares of company stock valued at $5,382,326 in the last quarter. Insiders own 22.80% of the company's stock.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL traded up $7.79 during mid-day trading on Friday, hitting $320.84. The stock had a trading volume of 315,808 shares, compared to its average volume of 439,461. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $368.29. 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 company has a market cap of $7.00 billion, a PE ratio of -12.48 and a beta of -0.42. The company's fifty day simple moving average is $270.16 and its two-hundred day simple moving average is $261.57.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share for the quarter, beating the consensus estimate of ($6.94) by $2.02. The business had revenue of $62.18 million for the quarter, compared to the consensus estimate of $34.60 million. During the same quarter in the previous year, the firm earned ($5.34) EPS. On average, equities analysts expect that Madrigal Pharmaceuticals, Inc. will post -24.08 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MDGL shares. Cantor Fitzgerald reiterated a "neutral" rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 20th. HC Wainwright reiterated a "buy" rating and set a $390.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Tuesday, October 22nd. Evercore ISI decreased their target price on shares of Madrigal Pharmaceuticals from $405.00 to $360.00 and set an "outperform" rating for the company in a research note on Thursday, August 8th. Citigroup dropped their price target on shares of Madrigal Pharmaceuticals from $382.00 to $371.00 and set a "buy" rating on the stock in a research note on Thursday, August 8th. Finally, StockNews.com raised shares of Madrigal Pharmaceuticals to a "sell" rating in a research report on Saturday, October 12th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, Madrigal Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $347.33.

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.