115,092 Shares in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Purchased by Norges Bank

Norges Bank purchased a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 115,092 shares of the biopharmaceutical company’s stock, valued at approximately $35,514,000.

Several other institutional investors have also added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC bought a new position in shares of Madrigal Pharmaceuticals during the 4th quarter valued at approximately $70,000. KBC Group NV lifted its position in Madrigal Pharmaceuticals by 73.5% during the fourth quarter. KBC Group NV now owns 609 shares of the biopharmaceutical company’s stock valued at $188,000 after purchasing an additional 258 shares during the last quarter. Miracle Mile Advisors LLC purchased a new position in shares of Madrigal Pharmaceuticals in the 4th quarter worth $216,000. D.A. Davidson & CO. bought a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter worth about $221,000. Finally, Atria Investments Inc purchased a new stake in shares of Madrigal Pharmaceuticals during the 4th quarter valued at about $222,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Down 3.9 %

Shares of NASDAQ:MDGL opened at $314.39 on Friday. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $333.68 and its 200 day moving average is $300.30. The stock has a market cap of $6.94 billion, a P/E ratio of -12.54 and a beta of -0.68. Madrigal Pharmaceuticals, Inc. has a 52-week low of $189.00 and a 52-week high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) EPS for the quarter, beating the consensus estimate of ($4.32) by $1.61. The firm had revenue of $103.32 million for the quarter, compared to analysts’ expectations of $97.81 million. Sell-side analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on MDGL. Citigroup boosted their price objective on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. HC Wainwright increased their price objective 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. B. Riley upgraded Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and boosted their target price for the company from $236.00 to $422.00 in a research report on Thursday, February 27th. Finally, JMP Securities reissued a “market outperform” rating and set a $427.00 price target on shares of Madrigal Pharmaceuticals in a research note on Friday, January 10th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $378.44.

Insider Activity

In related news, VP Robert E. Waltermire sold 442 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $273.41, for a total transaction of $120,847.22. Following the sale, the vice president now owns 5,058 shares of the company’s stock, valued at $1,382,907.78. This trade represents a 8.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $531,020.16. Following the sale, the chief executive officer now directly owns 54,303 shares of the company’s stock, valued at approximately $18,204,537.72. The trade was a 2.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,900 shares of company stock worth $12,168,079. 22.80% of the stock is currently owned by corporate insiders.

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.