Madrigal Pharmaceuticals, Inc. $MDGL Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. trimmed its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 28.3% in the third quarter, HoldingsChannel.com reports. The fund owned 50,578 shares of the biopharmaceutical company’s stock after selling 19,981 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Madrigal Pharmaceuticals were worth $23,198,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. AlphaQuest LLC lifted its holdings in Madrigal Pharmaceuticals by 412.5% in the 2nd quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 66 shares in the last quarter. Mather Group LLC. acquired a new position in shares of Madrigal Pharmaceuticals in the third quarter valued at approximately $33,000. Global Retirement Partners LLC raised its position in shares of Madrigal Pharmaceuticals by 221.7% in the third quarter. Global Retirement Partners LLC now owns 74 shares of the biopharmaceutical company’s stock valued at $34,000 after buying an additional 51 shares during the last quarter. First Horizon Corp purchased a new position in shares of Madrigal Pharmaceuticals during the third quarter valued at approximately $34,000. Finally, GAMMA Investing LLC boosted its position in Madrigal Pharmaceuticals by 114.3% during the third quarter. GAMMA Investing LLC now owns 90 shares of the biopharmaceutical company’s stock worth $41,000 after acquiring an additional 48 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Transactions at Madrigal Pharmaceuticals

In other news, Director Kenneth Bate sold 16,575 shares of the firm’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $484.30, for a total value of $8,027,272.50. Following the transaction, the director owned 2,627 shares of the company’s stock, valued at approximately $1,272,256.10. This trade represents a 86.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul A. Friedman sold 24,800 shares of the company’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $552.18, for a total transaction of $13,694,064.00. Following the sale, the director directly owned 187,164 shares of the company’s stock, valued at approximately $103,348,217.52. This trade represents a 11.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 126,570 shares of company stock valued at $67,024,124 in the last three months. 21.50% of the stock is owned by company insiders.

Madrigal Pharmaceuticals Price Performance

MDGL stock opened at $494.69 on Friday. The company has a market cap of $11.23 billion, a PE ratio of -38.02, a price-to-earnings-growth ratio of 4.90 and a beta of -1.00. The company has a current ratio of 3.44, a quick ratio of 3.26 and a debt-to-equity ratio of 0.54. The stock has a 50-day moving average price of $554.76 and a two-hundred day moving average price of $463.39. Madrigal Pharmaceuticals, Inc. has a 12-month low of $265.00 and a 12-month high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings data on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($3.07). Madrigal Pharmaceuticals had a negative net margin of 39.04% and a negative return on equity of 41.50%. As a group, research analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on MDGL shares. Piper Sandler increased their price target on Madrigal Pharmaceuticals from $540.00 to $900.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. Wolfe Research set a $579.00 target price on Madrigal Pharmaceuticals in a research report on Tuesday, January 6th. B. Riley raised their price target on Madrigal Pharmaceuticals from $560.00 to $670.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. HC Wainwright lifted their price target on Madrigal Pharmaceuticals from $568.00 to $620.00 and gave the company a “buy” rating in a report on Friday, November 21st. Finally, Oppenheimer increased their price objective on shares of Madrigal Pharmaceuticals from $600.00 to $650.00 and gave the stock an “outperform” rating in a report on Thursday, November 20th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Madrigal Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $654.73.

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-? agonist in Phase 3 development for the treatment of NASH.