Brevan Howard Capital Management LP Purchases New Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Brevan Howard Capital Management LP purchased a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,001 shares of the biopharmaceutical company's stock, valued at approximately $309,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Kohmann Bosshard Financial Services LLC purchased a new stake in Madrigal Pharmaceuticals in the fourth quarter worth $70,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Madrigal Pharmaceuticals in the fourth quarter worth $164,000. KBC Group NV increased its position in Madrigal Pharmaceuticals by 73.5% in the fourth quarter. KBC Group NV now owns 609 shares of the biopharmaceutical company's stock worth $188,000 after buying an additional 258 shares during the last quarter. Jump Financial LLC purchased a new stake in Madrigal Pharmaceuticals in the fourth quarter worth $210,000. Finally, Farringdon Capital Ltd. purchased a new stake in Madrigal Pharmaceuticals in the fourth quarter worth $215,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Robert E. Waltermire sold 1,227 shares of the business's stock in a transaction dated 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 owns 3,728 shares of the company's stock, valued at approximately $1,271,508.96. The trade was a 24.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James M. Daly sold 15,470 shares of the business's stock in a transaction dated Thursday, February 27th. The shares were 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 trade represents a 89.00% 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 90 days. Insiders own 22.80% of the company's stock.

Madrigal Pharmaceuticals Price Performance

NASDAQ:MDGL traded down $12.50 during trading hours on Wednesday, hitting $282.86. 351,034 shares of the company's stock traded hands, compared to its average volume of 386,012. The firm has a market cap of $6.28 billion, a P/E ratio of -11.28 and a beta of -0.91. Madrigal Pharmaceuticals, Inc. has a 52 week low of $200.63 and a 52 week high of $377.46. The business's fifty day simple moving average is $320.58 and its two-hundred day simple moving average is $319.07. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on MDGL shares. Canaccord Genuity Group lifted their price target on Madrigal Pharmaceuticals from $394.00 to $420.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. B. Riley reiterated 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. StockNews.com upgraded Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, May 5th. JMP Securities reiterated a "market outperform" rating and issued a $443.00 price target on shares of Madrigal Pharmaceuticals in a research report on Thursday, April 24th. Finally, Citigroup lifted their price target on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a "buy" rating in a research report on Thursday, February 27th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Madrigal Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $416.33.

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.