Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Shares Purchased by Northern Trust Corp

Northern Trust Corp raised its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 5.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 155,883 shares of the biopharmaceutical company’s stock after acquiring an additional 8,111 shares during the quarter. Northern Trust Corp’s holdings in Madrigal Pharmaceuticals were worth $48,101,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Newbridge Financial Services Group Inc. acquired a new position in shares of Madrigal Pharmaceuticals during the fourth quarter worth about $1,297,000. Franklin Resources Inc. increased its position in Madrigal Pharmaceuticals by 340.1% during the 4th quarter. Franklin Resources Inc. now owns 6,087 shares of the biopharmaceutical company’s stock worth $1,878,000 after purchasing an additional 4,704 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Madrigal Pharmaceuticals during the 4th quarter worth approximately $16,615,000. Barclays PLC lifted its holdings in shares of Madrigal Pharmaceuticals by 159.9% in the 3rd quarter. Barclays PLC now owns 40,279 shares of the biopharmaceutical company’s stock valued at $8,549,000 after buying an additional 24,783 shares during the period. Finally, Prudential Financial Inc. boosted its stake in shares of Madrigal Pharmaceuticals by 166.2% in the fourth quarter. Prudential Financial Inc. now owns 3,655 shares of the biopharmaceutical company’s stock valued at $1,128,000 after buying an additional 2,282 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

Madrigal Pharmaceuticals stock opened at $298.83 on Thursday. The stock has a market capitalization of $6.63 billion, a P/E ratio of -11.92 and a beta of -0.91. Madrigal Pharmaceuticals, Inc. has a 12-month low of $200.08 and a 12-month 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 firm’s 50-day moving average is $322.99 and its two-hundred day moving average is $315.75.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings results on Thursday, May 1st. The biopharmaceutical company reported ($3.32) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.62) by $0.30. The business had revenue of $137.25 million during the quarter, compared to analyst estimates of $112.79 million. During the same period in the previous year, the business posted ($7.38) earnings per share. Equities analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

MDGL has been the subject of a number of recent analyst reports. UBS Group raised their target price on Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the company a “buy” rating in a report on Friday, May 2nd. HC Wainwright boosted their price objective on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. B. Riley restated a “buy” rating and set a $460.00 target price (up from $422.00) on shares of Madrigal Pharmaceuticals in a research report on Friday, May 2nd. JMP Securities reiterated a “market outperform” rating and set a $443.00 price target on shares of Madrigal Pharmaceuticals in a research report on Thursday, April 24th. Finally, Canaccord Genuity Group upped their price target on Madrigal Pharmaceuticals from $394.00 to $420.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $416.33.

Insider Buying and Selling

In related news, VP Robert E. Waltermire sold 1,227 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $341.07, for a total transaction of $418,492.89. Following the completion of the sale, the vice president now directly owns 3,728 shares of the company’s stock, valued at approximately $1,271,508.96. This trade represents a 24.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James M. Daly sold 15,470 shares of the business’s stock in a transaction dated 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 completion of the transaction, the director now owns 1,912 shares in the company, valued at approximately $664,324.40. This trade represents a 89.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,810 shares of company stock valued at $10,610,594. Insiders own 22.80% of the company’s stock.

About Madrigal Pharmaceuticals

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.