State Street Corp Acquires 143,038 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

State Street Corp boosted its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 19.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 887,752 shares of the biopharmaceutical company’s stock after buying an additional 143,038 shares during the period. State Street Corp’s holdings in Madrigal Pharmaceuticals were worth $188,399,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Comerica Bank grew its position in shares of Madrigal Pharmaceuticals by 615.4% in the first quarter. Comerica Bank now owns 372 shares of the biopharmaceutical company’s stock valued at $99,000 after purchasing an additional 320 shares in the last quarter. Cetera Advisors LLC purchased a new position in Madrigal Pharmaceuticals during the 1st quarter valued at about $281,000. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Madrigal Pharmaceuticals during the second quarter valued at about $252,000. First Horizon Advisors Inc. lifted its holdings in shares of Madrigal Pharmaceuticals by 1,633.3% in the second quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 98 shares in the last quarter. Finally, Calamos Advisors LLC boosted its position in shares of Madrigal Pharmaceuticals by 13.8% in the second quarter. Calamos Advisors LLC now owns 4,112 shares of the biopharmaceutical company’s stock valued at $1,152,000 after acquiring an additional 499 shares during the period. Institutional investors own 98.50% of the company’s stock.

Insider Activity

In related news, Director Richard S. Levy sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $300.94, for a total transaction of $1,504,700.00. Following the completion of the transaction, the director now owns 11,012 shares in the company, valued at $3,313,951.28. This represents a 31.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Fred B. Craves sold 3,600 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $315.31, for a total transaction of $1,135,116.00. Following the completion of the transaction, the director now owns 11,000 shares of the company’s stock, valued at $3,468,410. This trade represents a 24.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,000 shares of company stock valued at $3,830,836. Insiders own 22.80% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

NASDAQ:MDGL opened at $302.47 on Friday. The company has a market capitalization of $6.60 billion, a price-to-earnings ratio of -12.06 and a beta of -0.42. The business has a 50 day moving average of $280.39 and a 200 day moving average of $264.25. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93. Madrigal Pharmaceuticals, Inc. has a 1-year low of $168.25 and a 1-year high of $368.29.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share for the quarter, topping analysts’ consensus estimates of ($6.94) by $2.02. The business had revenue of $62.18 million during the quarter, compared to the consensus estimate of $34.60 million. During the same quarter in the previous year, the firm posted ($5.34) earnings per share. On average, sell-side analysts predict that Madrigal Pharmaceuticals, Inc. will post -24.08 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on MDGL. Oppenheimer decreased their target price on shares of Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. StockNews.com upgraded Madrigal Pharmaceuticals to a “sell” rating in a research report on Saturday, October 12th. UBS Group boosted their target price on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Cantor Fitzgerald restated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 20th. Finally, B. Riley boosted their price objective on Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Madrigal Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $347.33.

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.