State of New Jersey Common Pension Fund D Decreases Stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

State of New Jersey Common Pension Fund D lessened its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGLFree Report) by 4.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,754 shares of the biopharmaceutical company’s stock after selling 353 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Madrigal Pharmaceuticals were worth $1,646,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new position in Madrigal Pharmaceuticals in the 1st quarter worth approximately $102,000. SG Americas Securities LLC bought a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter valued at $360,000. Russell Investments Group Ltd. purchased a new stake in Madrigal Pharmaceuticals during the 1st quarter worth about $1,466,000. Vanguard Group Inc. boosted its stake in Madrigal Pharmaceuticals by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 1,668,806 shares of the biopharmaceutical company’s stock worth $445,638,000 after purchasing an additional 94,064 shares during the period. Finally, Pitcairn Co. purchased a new position in Madrigal Pharmaceuticals during the 1st quarter valued at about $269,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insider Transactions at Madrigal Pharmaceuticals

In related news, CEO William John Sibold sold 6,363 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $243.83, for a total value of $1,551,490.29. Following the sale, the chief executive officer now directly owns 55,887 shares of the company’s stock, valued at $13,626,927.21. This trade represents a 10.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard S. Levy sold 5,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $300.94, for a total value of $1,504,700.00. Following the completion of the sale, the director now owns 11,012 shares of the company’s stock, valued at approximately $3,313,951.28. This trade represents a 31.23 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 22.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $390.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Tuesday, October 22nd. B. Riley upped their price target on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Oppenheimer reduced their target price on Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. StockNews.com raised Madrigal Pharmaceuticals to a “sell” rating in a report on Saturday, October 12th. Finally, Citigroup decreased their price objective on shares of Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $347.33.

Read Our Latest Stock Report on Madrigal Pharmaceuticals

Madrigal Pharmaceuticals Stock Performance

NASDAQ MDGL opened at $303.49 on Tuesday. The company has a 50-day simple moving average of $243.84 and a two-hundred day simple moving average of $251.42. Madrigal Pharmaceuticals, Inc. has a 12-month low of $168.25 and a 12-month high of $368.29. The firm has a market cap of $6.62 billion, a price-to-earnings ratio of -11.83 and a beta of -0.46. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15.

Madrigal Pharmaceuticals (NASDAQ:MDGLGet Free Report) last issued its earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share for the quarter, beating the consensus estimate of ($6.94) by $2.02. The company had revenue of $62.18 million for the quarter, compared to analysts’ expectations of $34.60 million. During the same quarter in the prior year, the company earned ($5.34) earnings per share. On average, equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -24.08 EPS for the current year.

Madrigal Pharmaceuticals Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Madrigal Pharmaceuticals (NASDAQ:MDGL)

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