Principal Financial Group Inc. Sells 1,430 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Principal Financial Group Inc. reduced its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 46.8% during the third quarter, Holdings Channel.com reports. The firm 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 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in MDGL. Nisa Investment Advisors LLC grew its position in shares of Madrigal Pharmaceuticals by 47.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company’s stock valued at $45,000 after acquiring an additional 68 shares during the period. Quest Partners LLC grew its holdings in shares of Madrigal Pharmaceuticals by 5,225.0% during the 2nd quarter. Quest Partners LLC now owns 213 shares of the biopharmaceutical company’s stock valued at $60,000 after purchasing an additional 209 shares during the last quarter. Centaurus Financial Inc. bought a new position in Madrigal Pharmaceuticals during the 2nd quarter worth approximately $163,000. Amalgamated Bank grew its holdings in Madrigal Pharmaceuticals by 20.2% in the 2nd quarter. Amalgamated Bank now owns 607 shares of the biopharmaceutical company’s stock worth $170,000 after acquiring an additional 102 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in shares of Madrigal Pharmaceuticals during the second quarter valued at approximately $204,000. Institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

Madrigal Pharmaceuticals stock opened at $320.81 on Tuesday. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $368.29. The company has a 50 day moving average price of $313.75 and a 200-day moving average price of $271.00. The company has a market capitalization of $7.00 billion, a PE ratio of -12.79 and a beta of -0.36. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.93 and a current ratio of 5.98.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) EPS for the quarter, beating the consensus estimate of ($6.94) by $2.02. The firm had revenue of $62.18 million for the quarter, compared to analysts’ expectations of $34.60 million. During the same period in the previous year, the company posted ($5.34) earnings per share. As a group, equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.77 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Richard S. Levy sold 5,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $300.94, for a total transaction of $1,504,700.00. Following the sale, the director now directly owns 11,012 shares of the company’s stock, valued at $3,313,951.28. This represents a 31.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Fred B. Craves sold 3,600 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $315.31, for a total transaction of $1,135,116.00. Following the transaction, the director now owns 11,000 shares of the company’s stock, valued at $3,468,410. This represents a 24.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,000 shares of company stock worth $3,830,836 in the last three months. Corporate insiders own 22.80% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MDGL shares. Cantor Fitzgerald restated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 20th. UBS Group boosted their price target on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a “buy” rating in a research note on Friday, November 1st. StockNews.com raised shares of Madrigal Pharmaceuticals to a “sell” rating in a report on Saturday, October 12th. 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. Finally, Oppenheimer cut their target price on shares of Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Madrigal Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $347.33.

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.