California Public Employees Retirement System Has $12.14 Million Holdings in Madrigal Pharmaceuticals, Inc. $MDGL

California Public Employees Retirement System decreased its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 25.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,198 shares of the biopharmaceutical company’s stock after selling 8,088 shares during the period. California Public Employees Retirement System’s holdings in Madrigal Pharmaceuticals were worth $12,143,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MDGL. Allspring Global Investments Holdings LLC raised its stake in Madrigal Pharmaceuticals by 89.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,198 shares of the biopharmaceutical company’s stock valued at $635,000 after acquiring an additional 567 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of Madrigal Pharmaceuticals by 103.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 3,872 shares of the biopharmaceutical company’s stock worth $2,027,000 after buying an additional 1,969 shares during the period. J. Safra Sarasin Holding AG boosted its holdings in shares of Madrigal Pharmaceuticals by 50.3% during the 1st quarter. J. Safra Sarasin Holding AG now owns 2,323 shares of the biopharmaceutical company’s stock worth $1,216,000 after buying an additional 777 shares during the period. Fifth Third Bancorp acquired a new position in Madrigal Pharmaceuticals in the 1st quarter valued at about $435,000. Finally, Candriam S.C.A. grew its stake in Madrigal Pharmaceuticals by 32.9% in the 1st quarter. Candriam S.C.A. now owns 84,948 shares of the biopharmaceutical company’s stock valued at $44,468,000 after buying an additional 21,042 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on MDGL. Truist Financial upped their target price on Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Evercore set a $649.00 price target on Madrigal Pharmaceuticals in a research note on Thursday, May 7th. Canaccord Genuity Group decreased their price objective on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Piper Sandler reissued an “overweight” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, June 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Madrigal Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $687.93.

Madrigal Pharmaceuticals Price Performance

Madrigal Pharmaceuticals stock opened at $544.51 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.16 and a current ratio of 3.50. Madrigal Pharmaceuticals, Inc. has a 52-week low of $286.44 and a 52-week high of $615.00. The stock’s 50 day moving average price is $516.10 and its two-hundred day moving average price is $500.31. The stock has a market capitalization of $12.56 billion, a price-to-earnings ratio of -42.54 and a beta of -1.05.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) earnings per share for the quarter, topping the consensus estimate of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The firm had revenue of $311.34 million for the quarter, compared to the consensus estimate of $301.05 million. During the same quarter in the prior year, the company posted ($3.32) earnings per share. The business’s revenue was up 126.8% on a year-over-year basis. On average, equities analysts predict that Madrigal Pharmaceuticals, Inc. will post -7.45 earnings per share for the current year.

Insider Activity

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

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.