13,400 Shares in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Bought by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board purchased a new position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 13,400 shares of the biopharmaceutical company's stock, valued at approximately $4,135,000. Canada Pension Plan Investment Board owned 0.06% of Madrigal Pharmaceuticals as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MDGL. Kohmann Bosshard Financial Services LLC purchased a new position in Madrigal Pharmaceuticals in the fourth quarter valued at $70,000. KBC Group NV boosted its holdings in Madrigal Pharmaceuticals by 73.5% in the fourth quarter. KBC Group NV now owns 609 shares of the biopharmaceutical company's stock valued at $188,000 after purchasing an additional 258 shares during the period. Jump Financial LLC purchased a new position in Madrigal Pharmaceuticals in the fourth quarter valued at $210,000. Farringdon Capital Ltd. purchased a new position in Madrigal Pharmaceuticals in the fourth quarter valued at $215,000. Finally, Miracle Mile Advisors LLC purchased a new position in Madrigal Pharmaceuticals in the fourth quarter valued at $216,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Stock Performance

NASDAQ MDGL traded up $4.50 on Monday, reaching $331.29. The stock had a trading volume of 232,944 shares, compared to its average volume of 387,473. The stock has a market cap of $7.31 billion, a P/E ratio of -13.21 and a beta of -0.69. Madrigal Pharmaceuticals, Inc. has a 12-month low of $191.18 and a 12-month high of $377.46. The business's 50-day moving average price is $325.67 and its 200 day moving average price is $312.15. 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 - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share for the quarter, beating the consensus estimate of ($4.32) by $1.61. The firm had revenue of $103.32 million during the quarter, compared to analyst estimates of $97.81 million. As a group, equities analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Insider Activity

In other news, Director James M. Daly sold 15,470 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 1,912 shares of the company's stock, valued at approximately $664,324.40. This represents a 89.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Robert E. Waltermire sold 1,227 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $341.07, for a total value 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 $1,271,508.96. The trade was a 24.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,810 shares of company stock valued at $10,610,594. 22.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MDGL. B. Riley upgraded Madrigal Pharmaceuticals from a "hold" rating to a "strong-buy" rating and lifted their target price for the company from $236.00 to $422.00 in a report on Thursday, February 27th. Citigroup lifted their target price on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a "buy" rating in a report on Thursday, February 27th. HC Wainwright raised their price target on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a "buy" rating in a research note on Thursday, February 27th. Finally, JMP Securities restated a "market outperform" rating and issued a $443.00 price target on shares of Madrigal Pharmaceuticals in a research note on Thursday. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $409.00.

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.