Madrigal Pharmaceuticals, Inc. $MDGL Stock Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 3.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 185,889 shares of the biopharmaceutical company’s stock after selling 7,007 shares during the period. Pictet Asset Management Holding SA’s holdings in Madrigal Pharmaceuticals were worth $93,729,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. J. Goldman & Co LP acquired a new stake in Madrigal Pharmaceuticals during the 2nd quarter worth $2,722,000. Royal Bank of Canada grew its holdings in shares of Madrigal Pharmaceuticals by 22.5% during the first quarter. Royal Bank of Canada now owns 12,526 shares of the biopharmaceutical company’s stock worth $6,557,000 after buying an additional 2,303 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of Madrigal Pharmaceuticals by 1,738.3% during the second quarter. Hsbc Holdings PLC now owns 20,240 shares of the biopharmaceutical company’s stock worth $10,868,000 after buying an additional 19,139 shares in the last quarter. Sivik Global Healthcare LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the third quarter worth $1,260,000. Finally, Legal & General Group Plc acquired a new stake in shares of Madrigal Pharmaceuticals in the second quarter valued at about $6,630,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Wall Street Zen raised shares of Madrigal Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Saturday. UBS Group restated a “buy” rating and set a $735.00 price target on shares of Madrigal Pharmaceuticals in a research report on Wednesday, October 14th. The Goldman Sachs Group began coverage on shares of Madrigal Pharmaceuticals in a research note on Thursday, September 24th. They set a “buy” rating and a $704.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a report on Thursday, October 15th. Finally, Citigroup increased their price objective on shares of Madrigal Pharmaceuticals from $725.00 to $760.00 and gave the company a “buy” rating in a report on Tuesday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $706.87.

Madrigal Pharmaceuticals Stock Up 8.3%

Shares of NASDAQ:MDGL opened at $432.79 on Tuesday. The company has a quick ratio of 2.94, a current ratio of 3.05 and a debt-to-equity ratio of 0.54. The business has a fifty day moving average of $484.73 and a two-hundred day moving average of $497.09. The stock has a market cap of $10.05 billion, a P/E ratio of -72.37 and a beta of -0.98. Madrigal Pharmaceuticals, Inc. has a 52-week low of $353.54 and a 52-week high of $615.00.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Tuesday, November 3rd. The biopharmaceutical company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.09) by $2.92. Madrigal Pharmaceuticals had a negative return on equity of 27.08% and a negative net margin of 10.89%. The business had revenue of $431.27 million during the quarter, compared to the consensus estimate of $404.17 million. During the same period last year, the company earned ($5.08) EPS. On average, research analysts expect that Madrigal Pharmaceuticals, Inc. will post -2.08 earnings per share for the current year.

Insider Activity

In related news, General Counsel Shannon Kelley sold 1,077 shares of the company’s stock in a transaction dated Friday, November 6th. The shares were sold at an average price of $400.00, for a total value of $430,800.00. Following the completion of the sale, the general counsel owned 10,397 shares of the company’s stock, valued at approximately $4,158,800. This represents a 9.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Sibold sold 6,362 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $535.59, for a total transaction of $3,407,423.58. Following the sale, the chief executive officer owned 202,967 shares of the company’s stock, valued at approximately $108,707,095.53. The trade was a 3.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 13,324 shares of company stock valued at $7,011,982. 17.60% of the stock is currently owned by insiders.

Madrigal Pharmaceuticals Profile

Madrigal Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for metabolic dysfunction-associated steatohepatitis (MASH), a serious form of fatty liver disease. The company is headquartered in Conshohocken, Pennsylvania.

Its lead product, Rezdiffra (resmetirom), is a thyroid hormone receptor-beta agonist. The U.S. Food and Drug Administration approved Rezdiffra in 2024 for use with diet and exercise in adults with noncirrhotic MASH and moderate-to-advanced liver fibrosis.

Madrigal’s work centers on advancing medicines for liver disease, with Rezdiffra serving as its first approved therapy.