Invesco Ltd. Purchases 8,828 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Invesco Ltd. lifted its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 7.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,074 shares of the biopharmaceutical company’s stock after acquiring an additional 8,828 shares during the quarter. Invesco Ltd.’s holdings in Madrigal Pharmaceuticals were worth $39,828,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter valued at about $70,000. KBC Group NV increased its holdings 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 buying an additional 258 shares during the period. Miracle Mile Advisors LLC bought a new position in Madrigal Pharmaceuticals in the fourth quarter worth approximately $216,000. D.A. Davidson & CO. purchased a new stake in Madrigal Pharmaceuticals during the fourth quarter worth $221,000. Finally, Atria Investments Inc bought a new stake in Madrigal Pharmaceuticals during the 4th quarter valued at $222,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Madrigal Pharmaceuticals Trading Down 4.1 %

NASDAQ MDGL opened at $307.78 on Thursday. The stock has a market cap of $6.80 billion, a P/E ratio of -12.27 and a beta of -0.69. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. Madrigal Pharmaceuticals, Inc. has a 12-month low of $189.00 and a 12-month high of $377.46. The company has a fifty day simple moving average of $330.29 and a two-hundred day simple moving average of $305.26.

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

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, VP Robert E. Waltermire sold 14,113 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $341.32, for a total transaction of $4,817,049.16. Following the completion of the sale, the vice president now directly owns 3,728 shares in the company, valued at approximately $1,272,440.96. The trade was a 79.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director James M. Daly sold 15,470 shares of the company’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $347.45, for a total transaction of $5,375,051.50. Following the completion of the sale, the director now directly owns 1,912 shares in the company, valued at $664,324.40. This trade represents a 89.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,900 shares of company stock valued at $12,168,079 over the last quarter. 22.80% of the stock is currently owned by company 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.