Wellington Management Group LLP Reduces Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Wellington Management Group LLP trimmed its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 9.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,172 shares of the biopharmaceutical company's stock after selling 859 shares during the period. Wellington Management Group LLP's holdings in Madrigal Pharmaceuticals were worth $2,522,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new position in shares of Madrigal Pharmaceuticals during the third quarter valued at approximately $368,000. Barclays PLC increased its position in Madrigal Pharmaceuticals by 159.9% during the 3rd quarter. Barclays PLC now owns 40,279 shares of the biopharmaceutical company's stock valued at $8,549,000 after purchasing an additional 24,783 shares during the period. Geode Capital Management LLC raised its holdings in Madrigal Pharmaceuticals by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 405,655 shares of the biopharmaceutical company's stock worth $86,104,000 after purchasing an additional 5,801 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in Madrigal Pharmaceuticals by 12.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 1,185 shares of the biopharmaceutical company's stock worth $251,000 after purchasing an additional 134 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Madrigal Pharmaceuticals by 8.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,383 shares of the biopharmaceutical company's stock worth $298,000 after purchasing an additional 103 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO William John Sibold sold 1,584 shares of Madrigal Pharmaceuticals 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 completion of the sale, the chief executive officer now owns 54,303 shares of the company's stock, valued at $18,204,537.72. The trade was a 2.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction, the director now directly owns 1,912 shares in the company, valued at approximately $664,324.40. This represents a 89.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,492 shares of company stock worth $11,509,707. 22.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MDGL has been the subject of a number of research reports. JMP Securities reissued a "market outperform" rating and issued a $427.00 price target on shares of Madrigal Pharmaceuticals in a research note on Friday, January 10th. B. Riley raised Madrigal Pharmaceuticals from a "hold" rating to a "strong-buy" rating and increased their target price for the stock from $236.00 to $422.00 in a research report on Thursday, February 27th. Citigroup lifted their price target on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a "buy" rating in a research report on Thursday, February 27th. Finally, HC Wainwright increased their price objective on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a "buy" rating in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Madrigal Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $378.44.

Madrigal Pharmaceuticals Stock Down 2.0 %

Madrigal Pharmaceuticals stock traded down $6.12 during trading hours on Friday, hitting $301.66. The stock had a trading volume of 238,598 shares, compared to its average volume of 393,287. The stock's 50-day moving average price is $328.97 and its 200-day moving average price is $306.52. Madrigal Pharmaceuticals, Inc. has a 12-month low of $189.00 and a 12-month high of $377.46. 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 stock has a market capitalization of $6.66 billion, a P/E ratio of -12.03 and a beta of -0.69.

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 (EPS) for the quarter, beating the consensus estimate of ($4.32) by $1.61. The business had revenue of $103.32 million during the quarter, compared to the consensus estimate of $97.81 million. Equities research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS 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.