Cibc World Markets Corp Invests $519,000 in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Cibc World Markets Corp acquired a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,681 shares of the biopharmaceutical company’s stock, valued at approximately $519,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Paulson & CO. Inc. boosted its stake in Madrigal Pharmaceuticals by 10.4% during the third quarter. Paulson & CO. Inc. now owns 2,042,000 shares of the biopharmaceutical company’s stock worth $433,353,000 after buying an additional 192,000 shares during the last quarter. RTW Investments LP boosted its stake in Madrigal Pharmaceuticals by 4.1% during the third quarter. RTW Investments LP now owns 1,993,687 shares of the biopharmaceutical company’s stock worth $423,100,000 after buying an additional 77,825 shares during the last quarter. State Street Corp boosted its stake in Madrigal Pharmaceuticals by 19.2% during the third quarter. State Street Corp now owns 887,752 shares of the biopharmaceutical company’s stock worth $188,399,000 after buying an additional 143,038 shares during the last quarter. Geode Capital Management LLC boosted its stake in Madrigal Pharmaceuticals by 1.5% during the third quarter. Geode Capital Management LLC now owns 405,655 shares of the biopharmaceutical company’s stock worth $86,104,000 after buying an additional 5,801 shares during the last quarter. Finally, Erste Asset Management GmbH acquired a new position in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at $49,749,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, General Counsel Shannon T. Kelley sold 277 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $273.41, for a total transaction of $75,734.57. Following the completion of the transaction, the general counsel now owns 7,705 shares in the company, valued at $2,106,624.05. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Robert E. Waltermire sold 14,113 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $341.32, for a total transaction of $4,817,049.16. Following the transaction, the vice president now owns 3,728 shares of the company’s stock, valued at $1,272,440.96. This trade represents a 79.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,900 shares of company stock worth $12,168,079 in the last 90 days. Corporate insiders own 22.80% of the company’s stock.

Madrigal Pharmaceuticals Trading Up 1.9 %

Shares of MDGL stock opened at $341.62 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.93 and a current ratio of 5.98. The stock has a market capitalization of $7.54 billion, a P/E ratio of -13.62 and a beta of -0.40. The company has a 50 day moving average price of $327.53 and a 200 day moving average price of $293.77. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $189.00 and a fifty-two week high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share for the quarter, beating analysts’ consensus estimates of ($4.32) by $1.61. The business had revenue of $103.32 million during the quarter, compared to analyst estimates of $97.81 million. Equities research analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Analysts Set New Price Targets

MDGL has been the topic of several recent analyst reports. HC Wainwright upped their price target on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. Citigroup upped their price target on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. JMP Securities reaffirmed a “market outperform” rating and issued a $427.00 price target on shares of Madrigal Pharmaceuticals in a research note on Friday, January 10th. Finally, B. Riley raised Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and upped their price target for the company from $236.00 to $422.00 in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $378.44.

Madrigal Pharmaceuticals Company Profile

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.