Madrigal Pharmaceuticals, Inc. $MDGL Shares Purchased by New York State Common Retirement Fund

New York State Common Retirement Fund raised its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 36.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,062 shares of the biopharmaceutical company’s stock after purchasing an additional 16,291 shares during the quarter. New York State Common Retirement Fund owned 0.28% of Madrigal Pharmaceuticals worth $18,480,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of MDGL. Park Avenue Securities LLC lifted its holdings in shares of Madrigal Pharmaceuticals by 6.6% in the 2nd quarter. Park Avenue Securities LLC now owns 699 shares of the biopharmaceutical company’s stock valued at $212,000 after buying an additional 43 shares during the period. XTX Topco Ltd raised its position in Madrigal Pharmaceuticals by 4.6% in the second quarter. XTX Topco Ltd now owns 1,238 shares of the biopharmaceutical company’s stock worth $375,000 after acquiring an additional 54 shares in the last quarter. AlphaQuest LLC lifted its holdings in Madrigal Pharmaceuticals by 412.5% in the second quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 66 shares during the period. F m Investments LLC boosted its position in shares of Madrigal Pharmaceuticals by 1.3% during the 2nd quarter. F m Investments LLC now owns 6,057 shares of the biopharmaceutical company’s stock worth $1,833,000 after purchasing an additional 80 shares in the last quarter. Finally, Comerica Bank grew its stake in shares of Madrigal Pharmaceuticals by 12.0% during the 1st quarter. Comerica Bank now owns 783 shares of the biopharmaceutical company’s stock worth $259,000 after purchasing an additional 84 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO William John Sibold sold 7,279 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $445.63, for a total transaction of $3,243,740.77. Following the sale, the chief executive officer owned 102,474 shares of the company’s stock, valued at $45,665,488.62. This trade represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard S. Levy sold 8,500 shares of Madrigal Pharmaceuticals stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $520.96, for a total value of $4,428,160.00. Following the sale, the director owned 21,197 shares of the company’s stock, valued at approximately $11,042,789.12. This represents a 28.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 34,312 shares of company stock worth $16,782,163. 21.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MDGL has been the subject of a number of research analyst reports. UBS Group reiterated a “buy” rating and issued a $523.00 price objective (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a research note on Tuesday, August 12th. Oppenheimer increased their target price on shares of Madrigal Pharmaceuticals from $600.00 to $650.00 and gave the company an “outperform” rating in a report on Thursday, November 20th. Citigroup reissued an “outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 5th. Cowen restated a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, August 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, October 8th. Thirteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $553.50.

Madrigal Pharmaceuticals Stock Down 1.1%

Shares of NASDAQ MDGL opened at $573.15 on Wednesday. The firm’s 50-day moving average is $478.91 and its two-hundred day moving average is $388.33. The company has a market capitalization of $13.02 billion, a PE ratio of -44.60 and a beta of -1.04. Madrigal Pharmaceuticals, Inc. has a 12-month low of $265.00 and a 12-month high of $605.00. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.11 and a quick ratio of 4.78.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.01) by ($3.07). Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%. Equities analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

About Madrigal Pharmaceuticals

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.