Legal & General Group Plc Sells 6,440 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

Legal & General Group Plc cut its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 29.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 15,231 shares of the biopharmaceutical company’s stock after selling 6,440 shares during the quarter. Legal & General Group Plc’s holdings in Madrigal Pharmaceuticals were worth $8,870,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Baker BROS. Advisors LP boosted its holdings in Madrigal Pharmaceuticals by 8.4% in the third quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock worth $982,313,000 after acquiring an additional 165,683 shares in the last quarter. William Blair Investment Management LLC grew its stake in Madrigal Pharmaceuticals by 17.6% in the third quarter. William Blair Investment Management LLC now owns 411,802 shares of the biopharmaceutical company’s stock valued at $188,877,000 after acquiring an additional 61,513 shares during the period. Wellington Management Group LLP increased its holdings in shares of Madrigal Pharmaceuticals by 5,381.2% during the third quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock valued at $185,507,000 after acquiring an additional 397,076 shares in the last quarter. Invesco Ltd. raised its position in shares of Madrigal Pharmaceuticals by 49.5% during the third quarter. Invesco Ltd. now owns 299,565 shares of the biopharmaceutical company’s stock worth $137,398,000 after purchasing an additional 99,209 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Madrigal Pharmaceuticals by 12.7% during the second quarter. Bank of America Corp DE now owns 277,221 shares of the biopharmaceutical company’s stock worth $83,898,000 after purchasing an additional 31,260 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Richard S. Levy sold 5,682 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $515.44, for a total transaction of $2,928,730.08. Following the transaction, the director directly owned 22,015 shares of the company’s stock, valued at $11,347,411.60. This trade represents a 20.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $495.74, for a total transaction of $516,561.08. Following the transaction, the insider owned 10,033 shares in the company, valued at approximately $4,973,759.42. This trade represents a 9.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 7,568 shares of company stock valued at $3,880,711. 17.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MDGL has been the subject of several research reports. HC Wainwright reissued a “buy” rating and issued a $620.00 price target on shares of Madrigal Pharmaceuticals in a research report on Wednesday, May 6th. Evercore set a $649.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Thursday, May 7th. Wells Fargo & Company upgraded shares of Madrigal Pharmaceuticals to an “overweight” rating in a report on Monday. Truist Financial boosted their target price on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $687.00.

Madrigal Pharmaceuticals Trading Up 1.0%

Shares of Madrigal Pharmaceuticals stock opened at $492.83 on Friday. The company has a market capitalization of $11.36 billion, a P/E ratio of -38.50 and a beta of -1.07. The stock has a fifty day simple moving average of $516.40 and a 200 day simple moving average of $514.12. Madrigal Pharmaceuticals, Inc. has a 12-month low of $271.95 and a 12-month high of $615.00. The company has a current ratio of 3.50, a quick ratio of 3.16 and a debt-to-equity ratio of 0.63.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, beating the consensus estimate of ($3.61) by $0.36. The business had revenue of $311.34 million for the quarter, compared to analysts’ expectations of $301.05 million. Madrigal Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 27.32%.The business’s revenue was up 126.8% on a year-over-year basis. During the same period last year, the business earned ($3.32) EPS. On average, sell-side analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -7.23 earnings per share for the current fiscal year.

Madrigal Pharmaceuticals Profile

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.