Arizona State Retirement System Grows Stock Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Arizona State Retirement System raised its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 2.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,774 shares of the biopharmaceutical company’s stock after buying an additional 91 shares during the quarter. Arizona State Retirement System’s holdings in Madrigal Pharmaceuticals were worth $1,165,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Paulson & CO. Inc. raised its stake in Madrigal Pharmaceuticals by 10.4% in the third quarter. Paulson & CO. Inc. now owns 2,042,000 shares of the biopharmaceutical company’s stock valued at $433,353,000 after buying an additional 192,000 shares during the last quarter. RTW Investments LP raised its stake in shares of Madrigal Pharmaceuticals by 4.1% in the third quarter. RTW Investments LP now owns 1,993,687 shares of the biopharmaceutical company’s stock worth $423,100,000 after purchasing an additional 77,825 shares during the last quarter. State Street Corp raised its stake in shares of Madrigal Pharmaceuticals by 19.2% in the third quarter. State Street Corp now owns 887,752 shares of the biopharmaceutical company’s stock worth $188,399,000 after purchasing an additional 143,038 shares during the last quarter. Geode Capital Management LLC increased its holdings in Madrigal Pharmaceuticals by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 405,655 shares of the biopharmaceutical company’s stock worth $86,104,000 after buying an additional 5,801 shares during the period. Finally, Erste Asset Management GmbH purchased a new position in Madrigal Pharmaceuticals during the 3rd quarter worth approximately $49,749,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 1,584 shares of Madrigal Pharmaceuticals stock in a transaction on Friday, January 24th. The shares were sold at an average price of $335.24, for a total transaction of $531,020.16. Following the sale, the chief executive officer now owns 54,303 shares of the company’s stock, valued at $18,204,537.72. The trade was a 2.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Robert E. Waltermire sold 14,113 shares of Madrigal Pharmaceuticals stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $341.32, for a total transaction of $4,817,049.16. Following the sale, the vice president now directly owns 3,728 shares in the company, valued at approximately $1,272,440.96. This trade represents a 79.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,900 shares of company stock valued at $12,168,079. 22.80% of the stock is owned by company insiders.

Madrigal Pharmaceuticals Price Performance

Madrigal Pharmaceuticals stock opened at $323.02 on Friday. The company’s fifty day moving average price is $325.98 and its 200 day moving average price is $289.61. Madrigal Pharmaceuticals, Inc. has a 1 year low of $189.00 and a 1 year high of $377.46. The stock has a market capitalization of $7.13 billion, a P/E ratio of -12.88 and a beta of -0.41. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.93 and a current ratio of 5.98.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($4.32) by $1.61. The company had revenue of $103.32 million during the quarter, compared to analyst estimates of $97.81 million. As a group, equities research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Citigroup raised their price target on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. B. Riley raised shares of Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and raised their price target for the stock from $236.00 to $422.00 in a research report on Thursday, February 27th. HC Wainwright raised their price target on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 20th. Finally, JMP Securities reissued a “market outperform” rating and set a $427.00 price target on shares of Madrigal Pharmaceuticals in a research report on Friday, January 10th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $375.75.

About Madrigal Pharmaceuticals

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.