State of New Jersey Common Pension Fund D Reduces Stock Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

State of New Jersey Common Pension Fund D lowered its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 13.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,682 shares of the biopharmaceutical company’s stock after selling 1,072 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Madrigal Pharmaceuticals were worth $2,062,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Paulson & CO. Inc. boosted its position in Madrigal Pharmaceuticals by 10.4% during the 3rd 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 period. RTW Investments LP boosted its position in Madrigal Pharmaceuticals by 4.1% during the 3rd quarter. RTW Investments LP now owns 1,993,687 shares of the biopharmaceutical company’s stock valued at $423,100,000 after buying an additional 77,825 shares during the period. State Street Corp boosted its position in Madrigal Pharmaceuticals by 19.2% during the 3rd quarter. State Street Corp now owns 887,752 shares of the biopharmaceutical company’s stock valued at $188,399,000 after buying an additional 143,038 shares during the period. Geode Capital Management LLC boosted its position in Madrigal Pharmaceuticals by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 405,655 shares of the biopharmaceutical company’s stock valued at $86,104,000 after buying an additional 5,801 shares during the period. Finally, Erste Asset Management GmbH purchased a new stake in Madrigal Pharmaceuticals during the 3rd quarter valued at $49,749,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

MDGL has been the subject of several analyst reports. Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 20th. UBS Group raised their target price on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. JMP Securities reaffirmed a “market outperform” rating and issued a $427.00 target price on shares of Madrigal Pharmaceuticals in a research report on Friday, January 10th. HC Wainwright raised their target price on shares of Madrigal Pharmaceuticals from $390.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Finally, B. Riley raised their target price on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $351.67.

Madrigal Pharmaceuticals Stock Down 4.2 %

Shares of Madrigal Pharmaceuticals stock opened at $336.23 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93. The company has a 50-day moving average of $319.87 and a 200 day moving average of $281.78. The firm has a market cap of $7.33 billion, a price-to-earnings ratio of -13.41 and a beta of -0.38. Madrigal Pharmaceuticals, Inc. has a 1 year low of $189.00 and a 1 year high of $368.29.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, Director Fred B. Craves sold 3,400 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $350.30, for a total transaction of $1,191,020.00. Following the completion of the sale, the director now directly owns 14,600 shares in the company, valued at approximately $5,114,380. This trade represents a 18.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Carole Huntsman sold 347 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $335.24, for a total transaction of $116,328.28. Following the sale, the insider now owns 10,438 shares of the company’s stock, valued at approximately $3,499,235.12. This represents a 3.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,090 shares of company stock worth $3,883,621 in the last three months. 22.80% of the stock is owned by corporate insiders.

Madrigal Pharmaceuticals Company 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.