Truist Financial Corp Takes Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Truist Financial Corp purchased a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 772 shares of the biopharmaceutical company’s stock, valued at approximately $216,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of MDGL. Point72 Asset Management L.P. increased its position in shares of Madrigal Pharmaceuticals by 172.6% in the second quarter. Point72 Asset Management L.P. now owns 40,958 shares of the biopharmaceutical company’s stock worth $11,475,000 after acquiring an additional 97,387 shares in the last quarter. Creative Planning boosted its stake in Madrigal Pharmaceuticals by 20.0% in the 2nd quarter. Creative Planning now owns 3,212 shares of the biopharmaceutical company’s stock worth $900,000 after purchasing an additional 535 shares during the period. Algert Global LLC purchased a new position in Madrigal Pharmaceuticals during the 2nd quarter worth approximately $356,000. The Manufacturers Life Insurance Company raised its stake in Madrigal Pharmaceuticals by 16.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,678 shares of the biopharmaceutical company’s stock valued at $9,996,000 after purchasing an additional 4,937 shares during the period. Finally, Paulson & CO. Inc. lifted its holdings in shares of Madrigal Pharmaceuticals by 4.2% in the second quarter. Paulson & CO. Inc. now owns 1,850,000 shares of the biopharmaceutical company’s stock valued at $518,296,000 after purchasing an additional 75,000 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. StockNews.com upgraded Madrigal Pharmaceuticals to a “sell” rating in a report on Saturday, October 12th. Evercore ISI decreased their price objective on Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Citigroup dropped their target price on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. JMP Securities increased their price target on shares of Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the stock a “market outperform” rating in a research report on Tuesday, July 16th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $343.83.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 6,363 shares of the stock in a transaction that occurred 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 owns 55,887 shares in the company, valued at $13,626,927.21. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 22.80% of the company’s stock.

Madrigal Pharmaceuticals Stock Up 1.9 %

MDGL stock opened at $214.44 on Friday. The company has a current ratio of 8.72, a quick ratio of 8.67 and a debt-to-equity ratio of 0.14. The firm has a market cap of $4.66 billion, a PE ratio of -8.41 and a beta of -0.44. Madrigal Pharmaceuticals, Inc. has a 1 year low of $119.76 and a 1 year high of $299.98. The company has a fifty day simple moving average of $232.19 and a 200 day simple moving average of $243.82.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($7.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($7.55) by $0.45. The company had revenue of $14.64 million during the quarter, compared to analyst estimates of $4.25 million. Madrigal Pharmaceuticals’s quarterly revenue was up 146280.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($4.69) EPS. Sell-side analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -27.47 EPS for the current fiscal year.

Madrigal Pharmaceuticals 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.