Bank of New York Mellon Corp Lowers Holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Bank of New York Mellon Corp decreased its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 0.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,210 shares of the biopharmaceutical company’s stock after selling 151 shares during the quarter. Bank of New York Mellon Corp owned about 0.28% of Madrigal Pharmaceuticals worth $18,579,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Quest Partners LLC increased its holdings in shares of Madrigal Pharmaceuticals by 172.8% in the 3rd quarter. Quest Partners LLC now owns 581 shares of the biopharmaceutical company’s stock worth $123,000 after purchasing an additional 368 shares in the last quarter. KBC Group NV grew its holdings in shares of Madrigal Pharmaceuticals by 73.5% in the fourth quarter. KBC Group NV now owns 609 shares of the biopharmaceutical company’s stock worth $188,000 after acquiring an additional 258 shares during the period. Miracle Mile Advisors LLC bought a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter worth $216,000. D.A. Davidson & CO. bought a new stake in shares of Madrigal Pharmaceuticals in the fourth quarter worth $221,000. Finally, Sanctuary Advisors LLC grew its holdings in shares of Madrigal Pharmaceuticals by 12.7% in the third quarter. Sanctuary Advisors LLC now owns 1,185 shares of the biopharmaceutical company’s stock worth $251,000 after acquiring an additional 134 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insider Activity

In related news, VP Robert E. Waltermire sold 14,113 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $341.32, for a total value of $4,817,049.16. Following the transaction, the vice president now owns 3,728 shares of the company’s stock, valued at $1,272,440.96. This represents a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $347.45, for a total value of $5,375,051.50. Following the sale, the director now owns 1,912 shares of the company’s stock, valued at approximately $664,324.40. This represents a 89.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,900 shares of company stock valued at $12,168,079. 22.80% of the stock is currently owned by insiders.

Madrigal Pharmaceuticals Trading Up 1.9 %

Shares of NASDAQ MDGL opened at $335.39 on Wednesday. The business’s 50 day moving average is $325.42 and its two-hundred day moving average is $289.11. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93. Madrigal Pharmaceuticals, Inc. has a 1-year low of $189.00 and a 1-year high of $377.46. The stock has a market capitalization of $7.41 billion, a P/E ratio of -13.37 and a beta of -0.41.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) EPS for the quarter, beating analysts’ consensus estimates of ($4.32) by $1.61. The business had revenue of $103.32 million for the quarter, compared to the consensus estimate of $97.81 million. As a group, research analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Analysts Set New Price Targets

MDGL has been the subject of several research analyst reports. JMP Securities reaffirmed a “market outperform” rating and issued a $427.00 price objective on shares of Madrigal Pharmaceuticals in a report on Friday, January 10th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, November 20th. Citigroup lifted their target price on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company 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 lifted their target price for the company from $236.00 to $422.00 in a research report on Thursday, February 27th. Finally, HC Wainwright lifted their target price on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Madrigal Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $375.75.

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.