Truist Financial Corp Purchases New Holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Truist Financial Corp purchased a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 772 shares of the biopharmaceutical company’s stock, valued at approximately $216,000.

Other hedge funds also recently modified their holdings of the company. First Horizon Advisors Inc. increased its stake in Madrigal Pharmaceuticals by 1,633.3% in the second quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company’s stock valued at $29,000 after acquiring an additional 98 shares during the period. EntryPoint Capital LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter valued at approximately $41,000. Signaturefd LLC raised its holdings in shares of 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 buying an additional 39 shares in the last quarter. Quest Partners LLC lifted its position in shares of Madrigal Pharmaceuticals by 5,225.0% during the 2nd quarter. Quest Partners LLC now owns 213 shares of the biopharmaceutical company’s stock worth $60,000 after buying an additional 209 shares during the period. Finally, BNP Paribas bought a new position in shares of Madrigal Pharmaceuticals during the 1st quarter worth approximately $68,000. Institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

MDGL stock opened at $214.44 on Friday. The company has a 50 day moving average price of $232.19 and a 200 day moving average price of $243.82. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $299.98. The company has a debt-to-equity ratio of 0.14, a current ratio of 8.72 and a quick ratio of 8.67. The stock has a market capitalization of $4.66 billion, a PE ratio of -8.41 and a beta of -0.44.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($7.10) 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 last year, the business posted ($4.69) earnings per share. The firm’s quarterly revenue was up 146280.0% on a year-over-year basis. Analysts forecast that Madrigal Pharmaceuticals, Inc. will post -27.47 EPS for the current year.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 6,363 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $243.83, for a total transaction of $1,551,490.29. Following the completion of the sale, the chief executive officer now directly owns 55,887 shares of the company’s stock, valued at approximately $13,626,927.21. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 22.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. StockNews.com upgraded Madrigal Pharmaceuticals to a “sell” rating in a research report on Saturday, October 12th. Evercore ISI lowered their target price on shares of Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. JMP Securities lifted their price target 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. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, October 11th. Finally, Citigroup dropped their price objective on shares of Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $343.83.

Madrigal Pharmaceuticals 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.