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

TD Asset Management Inc cut its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 42.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,324 shares of the biopharmaceutical company’s stock after selling 9,916 shares during the quarter. TD Asset Management Inc owned 0.06% of Madrigal Pharmaceuticals worth $6,111,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

MDGL has been the subject of several research analyst reports. Citigroup reiterated an “outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, January 20th. Zacks Research upgraded shares of Madrigal Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Friday, February 20th. The Goldman Sachs Group reissued a “buy” rating and set a $571.00 price objective on shares of Madrigal Pharmaceuticals in a report on Wednesday, January 14th. TD Cowen reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Monday, January 12th. Finally, B. Riley Financial increased their price target on shares of Madrigal Pharmaceuticals from $560.00 to $670.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $685.31.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 2,400 shares of the stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $575.34, for a total value of $1,380,816.00. Following the sale, the chief executive officer directly owned 150,074 shares of the company’s stock, valued at $86,343,575.16. This trade represents a 1.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mardi Dier sold 1,183 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $427.21, for a total value of $505,389.43. Following the completion of the sale, the chief financial officer owned 9,257 shares in the company, valued at $3,954,682.97. The trade was a 11.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 96,547 shares of company stock valued at $51,577,678. 21.50% of the stock is owned by insiders.

Madrigal Pharmaceuticals Stock Down 2.2%

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 debt-to-equity ratio of 0.56, a quick ratio of 3.77 and a current ratio of 4.01. Madrigal Pharmaceuticals, Inc. has a 1-year low of $265.00 and a 1-year high of $615.00. The stock has a market capitalization of $9.77 billion, a price-to-earnings ratio of -33.09 and a beta of -0.97.

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

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.