Newbridge Financial Services Group Inc. Sells 5,139 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Newbridge Financial Services Group Inc. trimmed its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 46.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 5,894 shares of the biopharmaceutical company’s stock after selling 5,139 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Madrigal Pharmaceuticals were worth $1,651,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. First Horizon Advisors Inc. lifted its position in shares of Madrigal Pharmaceuticals by 1,633.3% during the second quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 98 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in Madrigal Pharmaceuticals in the 1st quarter valued at about $41,000. Signaturefd LLC grew its stake in Madrigal Pharmaceuticals by 36.8% in the 2nd quarter. Signaturefd LLC now owns 145 shares of the biopharmaceutical company’s stock worth $41,000 after acquiring an additional 39 shares in the last quarter. UMB Bank n.a. purchased a new position in shares of Madrigal Pharmaceuticals during the first quarter worth approximately $53,000. Finally, Quest Partners LLC raised its stake in shares of Madrigal Pharmaceuticals by 5,225.0% during the second quarter. Quest Partners LLC now owns 213 shares of the biopharmaceutical company’s stock valued at $60,000 after acquiring an additional 209 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Madrigal Pharmaceuticals Stock Down 1.4 %

MDGL stock opened at $209.33 on Wednesday. The company has a quick ratio of 8.67, a current ratio of 8.72 and a debt-to-equity ratio of 0.14. Madrigal Pharmaceuticals, Inc. has a 52 week low of $119.76 and a 52 week high of $299.98. The stock has a market capitalization of $4.54 billion, a PE ratio of -9.07 and a beta of -0.43. The firm has a 50 day moving average of $246.60 and a 200 day moving average of $247.91.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($7.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($7.55) by $0.45. The firm had revenue of $14.64 million during the quarter, compared to analyst estimates of $4.25 million. During the same period in the previous year, the company earned ($4.69) earnings per share. Madrigal Pharmaceuticals’s revenue was up 146280.0% on a year-over-year basis. Sell-side analysts forecast that Madrigal Pharmaceuticals, Inc. will post -27.67 earnings per share for the current year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, CEO William John Sibold sold 6,363 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $243.83, for a total value of $1,551,490.29. Following the sale, the chief executive officer now owns 55,887 shares in the company, valued at $13,626,927.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 23.92% of the company’s stock.

Analysts Set New Price Targets

MDGL has been the subject of a number of research analyst reports. Evercore ISI decreased their target price on Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. JMP Securities lifted their price objective on shares of Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the company a “market outperform” rating in a report on Tuesday, July 16th. Wolfe Research initiated coverage on Madrigal Pharmaceuticals in a research note on Tuesday, June 11th. They set an “outperform” rating and a $382.00 price objective for the company. Citigroup dropped their price objective on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, July 23rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Madrigal Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $343.83.

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.