Principal Financial Group Inc. Reduces Stock Holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Principal Financial Group Inc. reduced its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 46.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,626 shares of the biopharmaceutical company’s stock after selling 1,430 shares during the quarter. Principal Financial Group Inc.’s holdings in Madrigal Pharmaceuticals were worth $345,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MDGL. Commonwealth Equity Services LLC raised its holdings in shares of Madrigal Pharmaceuticals by 116.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 2,068 shares of the biopharmaceutical company’s stock worth $579,000 after purchasing an additional 1,114 shares during the period. Rhumbline Advisers increased its holdings in shares of Madrigal Pharmaceuticals by 19.9% during the second quarter. Rhumbline Advisers now owns 25,351 shares of the biopharmaceutical company’s stock valued at $7,102,000 after purchasing an additional 4,209 shares during the period. TD Asset Management Inc boosted its holdings in shares of Madrigal Pharmaceuticals by 10.7% in the second quarter. TD Asset Management Inc now owns 55,730 shares of the biopharmaceutical company’s stock valued at $15,613,000 after acquiring an additional 5,400 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Madrigal Pharmaceuticals by 5.8% in the second quarter. Victory Capital Management Inc. now owns 2,252 shares of the biopharmaceutical company’s stock valued at $631,000 after buying an additional 124 shares during the period. Finally, Arizona State Retirement System raised its holdings in shares of Madrigal Pharmaceuticals by 8.3% in the 2nd quarter. Arizona State Retirement System now owns 3,525 shares of the biopharmaceutical company’s stock worth $988,000 after purchasing an additional 270 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

MDGL stock opened at $320.81 on Tuesday. 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, Inc. has a twelve month low of $168.25 and a twelve month high of $368.29. The company has a market cap of $7.00 billion, a P/E ratio of -12.79 and a beta of -0.36. The business’s fifty day moving average is $313.75 and its 200-day moving average is $271.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) EPS for the quarter, topping analysts’ consensus estimates of ($6.94) by $2.02. The business had revenue of $62.18 million for the quarter, compared to analyst estimates of $34.60 million. During the same period in the prior year, the business earned ($5.34) EPS. Equities research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.77 EPS for the current year.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Fred B. Craves sold 3,600 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $315.31, for a total value of $1,135,116.00. Following the transaction, the director now directly owns 11,000 shares in the company, valued at $3,468,410. The trade was a 24.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard S. Levy sold 5,000 shares of the business’s 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 sale, the director now owns 11,012 shares of the company’s stock, valued at approximately $3,313,951.28. This represents a 31.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,000 shares of company stock valued at $3,830,836. 22.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Oppenheimer cut their price target on shares of Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. HC Wainwright reaffirmed a “buy” rating and set a $390.00 price objective on shares of Madrigal Pharmaceuticals in a report on Tuesday, October 22nd. B. Riley increased their price target on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. StockNews.com upgraded shares of Madrigal Pharmaceuticals to a “sell” rating in a research report on Saturday, October 12th. Finally, UBS Group lifted their price target on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a “buy” rating in a report on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $347.33.

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.