Madrigal Pharmaceuticals, Inc. $MDGL Shares Sold by TD Asset Management Inc

TD Asset Management Inc trimmed its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 42.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,324 shares of the biopharmaceutical company’s stock after selling 9,916 shares during the quarter. TD Asset Management Inc’s holdings in Madrigal Pharmaceuticals were worth $6,111,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MDGL. AlphaQuest LLC boosted its position in Madrigal Pharmaceuticals by 412.5% during the 2nd quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 66 shares during the period. Mather Group LLC. acquired a new position in shares of Madrigal Pharmaceuticals during the third quarter valued at $33,000. Global Retirement Partners LLC raised its stake in shares of Madrigal Pharmaceuticals by 221.7% during the third quarter. Global Retirement Partners LLC now owns 74 shares of the biopharmaceutical company’s stock valued at $34,000 after purchasing an additional 51 shares in the last quarter. First Horizon Corp acquired a new stake in Madrigal Pharmaceuticals in the third quarter worth about $34,000. Finally, GAMMA Investing LLC grew its position in Madrigal Pharmaceuticals by 114.3% in the 3rd quarter. GAMMA Investing LLC now owns 90 shares of the biopharmaceutical company’s stock valued at $41,000 after buying an additional 48 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Madrigal Pharmaceuticals

In related news, insider Carole Huntsman sold 910 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $493.78, for a total transaction of $449,339.80. Following the transaction, the insider directly owned 9,122 shares of the company’s stock, valued at approximately $4,504,261.16. The trade was a 9.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Rebecca Taub sold 18,650 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $552.15, for a total transaction of $10,297,597.50. Following the completion of the transaction, the director owned 461,044 shares in the company, valued at approximately $254,565,444.60. This represents a 3.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 96,547 shares of company stock worth $51,577,678. Company insiders own 21.50% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ:MDGL opened at $425.85 on Wednesday. The company’s fifty day moving average is $502.62 and its two-hundred day moving average is $487.13. The company has a market cap of $9.77 billion, a P/E ratio of -33.09 and a beta of -0.97. Madrigal Pharmaceuticals, Inc. has a 12-month low of $265.00 and a 12-month high of $615.00. The company has a quick ratio of 3.77, a current ratio of 4.01 and a debt-to-equity ratio of 0.56.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Thursday, February 19th. The biopharmaceutical company reported ($2.57) EPS for the quarter, missing the consensus estimate of $0.04 by ($2.61). The business had revenue of $321.08 million during the quarter, compared to analyst estimates of $310.36 million. Madrigal Pharmaceuticals had a negative return on equity of 43.76% and a negative net margin of 30.08%.The business’s quarterly revenue was up 210.8% on a year-over-year basis. During the same period last year, the business earned ($2.71) EPS. Equities analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on MDGL. The Goldman Sachs Group restated a “buy” rating and set a $571.00 price target on shares of Madrigal Pharmaceuticals in a research report on Wednesday, January 14th. TD Cowen reiterated a “buy” rating on shares of Madrigal Pharmaceuticals in a research note on Monday, January 12th. Bank of America cut their target price on Madrigal Pharmaceuticals from $570.00 to $529.00 and set a “neutral” rating for the company in a research report on Friday, February 20th. Cantor Fitzgerald raised Madrigal Pharmaceuticals from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 4th. Finally, Citizens Jmp lifted their price target on Madrigal Pharmaceuticals from $527.00 to $745.00 and gave the company a “market outperform” rating in a research report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $685.31.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company’s pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-β agonist in Phase 3 development for the treatment of NASH.