BNP Paribas Financial Markets Reduces Stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

BNP Paribas Financial Markets cut its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 29.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,921 shares of the biopharmaceutical company's stock after selling 2,846 shares during the period. BNP Paribas Financial Markets' holdings in Madrigal Pharmaceuticals were worth $2,136,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

MDGL has been the subject of several research reports. StockNews.com upgraded shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Monday, May 5th. B. Riley reissued a "buy" rating and issued a $460.00 price target (up from $422.00) on shares of Madrigal Pharmaceuticals in a research report on Friday, May 2nd. JMP Securities reaffirmed a "market outperform" rating and set a $443.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Thursday, April 24th. Canaccord Genuity Group boosted their target price on Madrigal Pharmaceuticals from $394.00 to $420.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Finally, UBS Group lifted their price target on Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $416.33.

Madrigal Pharmaceuticals Stock Performance

Madrigal Pharmaceuticals stock traded down $19.43 during trading on Wednesday, reaching $273.33. The company had a trading volume of 360,122 shares, compared to its average volume of 385,949. The firm has a market capitalization of $6.07 billion, a price-to-earnings ratio of -10.94 and a beta of -0.91. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. The firm's 50-day simple moving average is $317.25 and its 200 day simple moving average is $320.79. Madrigal Pharmaceuticals, Inc. has a 52 week low of $200.63 and a 52 week high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The biopharmaceutical company reported ($3.32) EPS for the quarter, topping the consensus estimate of ($3.62) by $0.30. The company had revenue of $137.25 million during the quarter, compared to the consensus estimate of $112.79 million. During the same period last year, the business earned ($7.38) EPS. Sell-side analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Insider Transactions at Madrigal Pharmaceuticals

In related news, 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 sale, the director now directly owns 1,912 shares in the company, valued at approximately $664,324.40. The trade was a 89.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Robert E. Waltermire sold 1,227 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, February 28th. The stock was 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 in the company, valued at approximately $1,271,508.96. The trade was a 24.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,810 shares of company stock valued at $10,610,594 over the last three months. Corporate insiders own 21.50% 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.