Mirae Asset Global Investments Co. Ltd. Trims Stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Mirae Asset Global Investments Co. Ltd. decreased its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 7.1% during the third quarter, Holdings Channel reports. The fund owned 76,822 shares of the biopharmaceutical company’s stock after selling 5,915 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Madrigal Pharmaceuticals were worth $16,319,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MDGL. Price T Rowe Associates Inc. MD grew its holdings in shares of Madrigal Pharmaceuticals by 106.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 803,213 shares of the biopharmaceutical company’s stock worth $214,491,000 after acquiring an additional 414,484 shares during the period. Fiera Capital Corp purchased a new position in shares of Madrigal Pharmaceuticals during the 2nd quarter worth approximately $32,335,000. Avoro Capital Advisors LLC grew its holdings in shares of Madrigal Pharmaceuticals by 5.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 2,055,555 shares of the biopharmaceutical company’s stock worth $575,884,000 after acquiring an additional 111,111 shares during the period. Artal Group S.A. purchased a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter worth approximately $29,510,000. Finally, Point72 Asset Management L.P. grew its stake in shares of Madrigal Pharmaceuticals by 172.6% in the 2nd quarter. Point72 Asset Management L.P. now owns 40,958 shares of the biopharmaceutical company’s stock worth $11,475,000 after buying an additional 97,387 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on MDGL. Citigroup cut their price target on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Oppenheimer cut their price target on Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating on the stock in a research note on Wednesday. Evercore ISI cut their price target on Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. HC Wainwright restated a “buy” rating and issued a $390.00 price target on shares of Madrigal Pharmaceuticals in a research note on Tuesday, October 22nd. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, October 11th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, Madrigal Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $341.75.

Madrigal Pharmaceuticals Stock Performance

Shares of MDGL opened at $210.67 on Friday. The business’s fifty day simple moving average is $228.28 and its two-hundred day simple moving average is $242.43. The company has a market cap of $4.49 billion, a price-to-earnings ratio of -9.12 and a beta of -0.44. The company has a current ratio of 8.72, a quick ratio of 8.67 and a debt-to-equity ratio of 0.14. Madrigal Pharmaceuticals, Inc. has a 12 month low of $119.76 and a 12 month high of $299.98.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($7.10) earnings per share for the quarter, beating the consensus estimate of ($7.55) by $0.45. The firm had revenue of $14.64 million for the quarter, compared to the consensus estimate of $4.25 million. Madrigal Pharmaceuticals’s quarterly revenue was up 146280.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($4.69) earnings per share. Research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -27.47 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO William John Sibold sold 6,363 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 55,887 shares of the company’s stock, valued at $13,626,927.21. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 23.92% of the company’s stock.

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.