Corebridge Financial Inc. Trims Stock Holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Corebridge Financial Inc. cut its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 4.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,938 shares of the biopharmaceutical company’s stock after selling 442 shares during the quarter. Corebridge Financial Inc.’s holdings in Madrigal Pharmaceuticals were worth $2,758,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MDGL. William Blair Investment Management LLC purchased a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter worth $114,717,000. State Street Corp raised its holdings in Madrigal Pharmaceuticals by 19.2% during the third quarter. State Street Corp now owns 887,752 shares of the biopharmaceutical company’s stock valued at $188,399,000 after acquiring an additional 143,038 shares during the period. RTW Investments LP lifted its position 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 valued at $423,100,000 after acquiring an additional 77,825 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Madrigal Pharmaceuticals by 2,981.8% in the fourth quarter. Victory Capital Management Inc. now owns 70,635 shares of the biopharmaceutical company’s stock worth $21,796,000 after acquiring an additional 68,343 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Madrigal Pharmaceuticals during the fourth quarter worth about $16,615,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on MDGL. JMP Securities reissued a “market outperform” rating and issued a $427.00 price target on shares of Madrigal Pharmaceuticals in a report on Friday, January 10th. HC Wainwright boosted their target price on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. Citigroup raised their target price on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. Finally, B. Riley upgraded shares of Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and boosted their price target for the stock from $236.00 to $422.00 in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Madrigal Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $378.44.

Insider Activity at Madrigal Pharmaceuticals

In related news, CEO William John Sibold sold 1,584 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $335.24, for a total value of $531,020.16. Following the sale, the chief executive officer now directly owns 54,303 shares of the company’s stock, valued at $18,204,537.72. This represents a 2.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Rebecca Taub sold 1,689 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $273.41, for a total value of $461,789.49. Following the transaction, the chief marketing officer now directly owns 457,310 shares in the company, valued at approximately $125,033,127.10. This represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,900 shares of company stock worth $12,168,079. Company insiders own 22.80% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

Madrigal Pharmaceuticals stock opened at $331.23 on Tuesday. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15. Madrigal Pharmaceuticals, Inc. has a twelve month low of $189.00 and a twelve month high of $377.46. The company’s 50-day moving average price is $333.68 and its 200-day moving average price is $298.25. The company has a market cap of $7.31 billion, a PE ratio of -13.21 and a beta of -0.41.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share for the quarter, topping the consensus estimate of ($4.32) by $1.61. The company had revenue of $103.32 million for the quarter, compared to the consensus estimate of $97.81 million. On average, equities research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

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.