Legal & General Group Plc Sells 6,440 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

Legal & General Group Plc trimmed its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 29.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,231 shares of the biopharmaceutical company’s stock after selling 6,440 shares during the quarter. Legal & General Group Plc owned approximately 0.07% of Madrigal Pharmaceuticals worth $8,870,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Baker BROS. Advisors LP raised its holdings in Madrigal Pharmaceuticals by 8.4% in the 3rd quarter. Baker BROS. Advisors LP now owns 2,141,701 shares of the biopharmaceutical company’s stock valued at $982,313,000 after buying an additional 165,683 shares during the last quarter. William Blair Investment Management LLC grew its holdings in Madrigal Pharmaceuticals by 17.6% during the 3rd quarter. William Blair Investment Management LLC now owns 411,802 shares of the biopharmaceutical company’s stock worth $188,877,000 after acquiring an additional 61,513 shares during the last quarter. Wellington Management Group LLP grew its holdings in Madrigal Pharmaceuticals by 5,381.2% during the 3rd quarter. Wellington Management Group LLP now owns 404,455 shares of the biopharmaceutical company’s stock worth $185,507,000 after acquiring an additional 397,076 shares during the last quarter. Invesco Ltd. increased its position in Madrigal Pharmaceuticals by 49.5% in the 3rd quarter. Invesco Ltd. now owns 299,565 shares of the biopharmaceutical company’s stock valued at $137,398,000 after acquiring an additional 99,209 shares during the period. Finally, Bank of America Corp DE increased its position in Madrigal Pharmaceuticals by 12.7% in the 2nd quarter. Bank of America Corp DE now owns 277,221 shares of the biopharmaceutical company’s stock valued at $83,898,000 after acquiring an additional 31,260 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Truist Financial lifted their price target on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Bank of America decreased their price objective on Madrigal Pharmaceuticals from $570.00 to $529.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, April 21st. HC Wainwright reiterated a “buy” rating and issued a $620.00 price target on shares of Madrigal Pharmaceuticals in a research report on Wednesday, May 6th. Finally, Canaccord Genuity Group decreased their price target on Madrigal Pharmaceuticals from $587.00 to $578.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Madrigal Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $687.00.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, Director Richard S. Levy sold 5,682 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $515.44, for a total value of $2,928,730.08. Following the transaction, the director directly owned 22,015 shares of the company’s stock, valued at approximately $11,347,411.60. The trade was a 20.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $495.74, for a total value of $516,561.08. Following the transaction, the insider owned 10,033 shares in the company, valued at $4,973,759.42. The trade was a 9.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 7,568 shares of company stock valued at $3,880,711. 17.60% of the stock is currently owned by corporate insiders.

Madrigal Pharmaceuticals Price Performance

MDGL stock opened at $492.83 on Friday. The company has a quick ratio of 3.16, a current ratio of 3.50 and a debt-to-equity ratio of 0.63. The firm has a market cap of $11.36 billion, a price-to-earnings ratio of -38.50 and a beta of -1.07. The company’s fifty day simple moving average is $516.40 and its 200 day simple moving average is $514.12. Madrigal Pharmaceuticals, Inc. has a 12-month low of $271.95 and a 12-month high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted 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 return on equity of 50.15% and a negative net margin of 27.32%.The firm had revenue of $311.34 million during the quarter, compared to analyst estimates of $301.05 million. During the same period last year, the company posted ($3.32) EPS. The business’s quarterly revenue was up 126.8% on a year-over-year basis. On average, analysts expect that Madrigal Pharmaceuticals, Inc. will post -7.23 earnings per share for the current year.

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.