Pictet Asset Management Holding SA Raises Stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Pictet Asset Management Holding SA increased its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 38.4% during the 4th quarter, HoldingsChannel reports. The fund owned 208,484 shares of the biopharmaceutical company’s stock after buying an additional 57,886 shares during the period. Pictet Asset Management Holding SA’s holdings in Madrigal Pharmaceuticals were worth $64,332,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MDGL. Victory Capital Management Inc. boosted its position in shares of Madrigal Pharmaceuticals by 1.8% in the 3rd quarter. Victory Capital Management Inc. now owns 2,292 shares of the biopharmaceutical company’s stock worth $486,000 after purchasing an additional 40 shares in the last quarter. Sanctuary Advisors LLC boosted its holdings in Madrigal Pharmaceuticals by 5.2% in the fourth quarter. Sanctuary Advisors LLC now owns 1,247 shares of the biopharmaceutical company’s stock worth $422,000 after acquiring an additional 62 shares in the last quarter. Arizona State Retirement System boosted its holdings in Madrigal Pharmaceuticals by 2.5% in the fourth quarter. Arizona State Retirement System now owns 3,774 shares of the biopharmaceutical company’s stock worth $1,165,000 after acquiring an additional 91 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Madrigal Pharmaceuticals by 8.0% in the third quarter. Franklin Resources Inc. now owns 1,383 shares of the biopharmaceutical company’s stock worth $298,000 after acquiring an additional 103 shares during the last quarter. Finally, Xponance Inc. increased its holdings in shares of Madrigal Pharmaceuticals by 9.8% during the fourth quarter. Xponance Inc. now owns 1,268 shares of the biopharmaceutical company’s stock valued at $391,000 after acquiring an additional 113 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, CEO William John Sibold sold 1,584 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $335.24, for a total value of $531,020.16. Following the transaction, the chief executive officer now owns 54,303 shares of the company’s stock, valued at approximately $18,204,537.72. The trade was a 2.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James M. Daly sold 15,470 shares of the company’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $347.45, for a total transaction of $5,375,051.50. Following the transaction, the director now owns 1,912 shares of the company’s stock, valued at approximately $664,324.40. This represents a 89.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,900 shares of company stock valued at $12,168,079 over the last ninety days. 22.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on MDGL shares. HC Wainwright upped their price target on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. B. Riley upgraded shares of Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and upped their target price for the stock from $236.00 to $422.00 in a research note on Thursday, February 27th. Citigroup raised their price target on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $427.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Friday, January 10th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $378.44.

Madrigal Pharmaceuticals Trading Down 2.8 %

NASDAQ:MDGL opened at $327.87 on Friday. 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 has a market capitalization of $7.24 billion, a price-to-earnings ratio of -13.07 and a beta of -0.41. Madrigal Pharmaceuticals, Inc. has a one year low of $189.00 and a one year high of $377.46. The business has a fifty day moving average price of $332.93 and a 200-day moving average price of $297.12.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share for the quarter, topping analysts’ consensus estimates of ($4.32) by $1.61. The firm had revenue of $103.32 million during the quarter, compared to the consensus estimate of $97.81 million. Sell-side analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

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.