California State Teachers Retirement System Purchases 9,216,882 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

California State Teachers Retirement System boosted its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 54,067.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,233,929 shares of the biopharmaceutical company’s stock after purchasing an additional 9,216,882 shares during the quarter. California State Teachers Retirement System owned about 0.40% of Madrigal Pharmaceuticals worth $4,958,158,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Persistent Asset Partners Ltd acquired a new position in Madrigal Pharmaceuticals during the second quarter worth $29,000. Global Retirement Partners LLC acquired a new position in shares of Madrigal Pharmaceuticals during the second quarter valued at about $34,000. Kemnay Advisory Services Inc. acquired a new position in shares of Madrigal Pharmaceuticals during the fourth quarter valued at about $39,000. Quarry LP acquired a new position in shares of Madrigal Pharmaceuticals during the third quarter valued at about $39,000. Finally, Johnson Financial Group Inc. bought a new stake in shares of Madrigal Pharmaceuticals during the third quarter worth about $50,000. Institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Trading Up 2.3%

NASDAQ MDGL opened at $546.66 on Thursday. The business’s fifty day moving average is $530.77 and its 200-day moving average is $506.75. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.20 and a quick ratio of 2.94. The stock has a market capitalization of $12.63 billion, a price-to-earnings ratio of -42.41 and a beta of -0.98. Madrigal Pharmaceuticals, Inc. has a one year low of $393.61 and a one year high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($1.99) earnings per share for the quarter, beating the consensus estimate of ($2.68) by $0.69. Madrigal Pharmaceuticals had a negative net margin of 25.32% and a negative return on equity of 56.65%. The company had revenue of $364.25 million during the quarter, compared to analyst estimates of $352.13 million. During the same quarter in the prior year, the business earned ($1.90) earnings per share. The firm’s revenue for the quarter was up 71.2% on a year-over-year basis. Equities research analysts predict that Madrigal Pharmaceuticals, Inc. will post -7.03 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Canaccord Genuity Group upped their target price on shares of Madrigal Pharmaceuticals from $578.00 to $587.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Citigroup reissued an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 17th. Truist Financial increased their price objective on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. HC Wainwright restated a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Friday, July 31st. Finally, Bank of America cut their target price on Madrigal Pharmaceuticals from $550.00 to $542.00 and set a “neutral” rating on the stock in a research report on Thursday, June 11th. Fifteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $699.64.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, General Counsel Shannon Kelley sold 664 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $514.97, for a total value of $341,940.08. Following the transaction, the general counsel directly owned 11,474 shares in the company, valued at $5,908,765.78. The trade was a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 17.60% of the stock is currently owned by insiders.

Madrigal Pharmaceuticals Company 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.