Raymond James Financial Inc. Takes $16.62 Million Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Raymond James Financial Inc. acquired a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 53,846 shares of the biopharmaceutical company’s stock, valued at approximately $16,615,000. Raymond James Financial Inc. owned about 0.25% of Madrigal Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MDGL. Erste Asset Management GmbH bought a new stake in Madrigal Pharmaceuticals in the third quarter valued at about $49,749,000. Paulson & CO. Inc. increased its stake in Madrigal Pharmaceuticals by 10.4% in the third quarter. Paulson & CO. Inc. now owns 2,042,000 shares of the biopharmaceutical company’s stock valued at $433,353,000 after acquiring an additional 192,000 shares during the period. Braidwell LP bought a new stake in Madrigal Pharmaceuticals in the third quarter valued at about $39,010,000. State Street Corp increased its stake in Madrigal Pharmaceuticals by 19.2% in the third quarter. State Street Corp now owns 887,752 shares of the biopharmaceutical company’s stock valued at $188,399,000 after acquiring an additional 143,038 shares during the period. Finally, RTW Investments LP increased its stake in Madrigal Pharmaceuticals by 4.1% in the third quarter. RTW Investments LP now owns 1,993,687 shares of the biopharmaceutical company’s stock valued at $423,100,000 after acquiring an additional 77,825 shares during the period. Institutional investors own 98.50% of the company’s stock.

Insider Activity

In related news, VP Robert E. Waltermire sold 442 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $273.41, for a total value of $120,847.22. Following the transaction, the vice president now directly owns 5,058 shares in the company, valued at $1,382,907.78. This represents a 8.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William John Sibold sold 1,584 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $335.24, for a total transaction of $531,020.16. Following the completion of the transaction, the chief executive officer now owns 54,303 shares in the company, valued at $18,204,537.72. This represents a 2.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,900 shares of company stock valued at $12,168,079 over the last three months. 22.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. JMP Securities reissued a “market outperform” rating and issued a $427.00 target price on shares of Madrigal Pharmaceuticals in a research note on Friday, January 10th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 20th. HC Wainwright upped their price objective on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. Citigroup upped their price objective on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. Finally, B. Riley raised shares of 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. Two investment 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $378.44.

Madrigal Pharmaceuticals Price Performance

MDGL opened at $342.44 on Tuesday. Madrigal Pharmaceuticals, Inc. has a one year low of $189.00 and a one year high of $377.46. 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’s 50 day simple moving average is $326.98 and its 200-day simple moving average is $291.44. The stock has a market capitalization of $7.56 billion, a P/E ratio of -13.65 and a beta of -0.41.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) EPS for the quarter, beating the consensus estimate of ($4.32) by $1.61. The company had revenue of $103.32 million for the quarter, compared to the consensus estimate of $97.81 million. Sell-side analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

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.