California Public Employees Retirement System Has $12.14 Million Position in Madrigal Pharmaceuticals, Inc. $MDGL

California Public Employees Retirement System lessened its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 25.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 23,198 shares of the biopharmaceutical company's stock after selling 8,088 shares during the period. California Public Employees Retirement System owned about 0.10% of Madrigal Pharmaceuticals worth $12,143,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of Madrigal Pharmaceuticals by 89.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,198 shares of the biopharmaceutical company's stock worth $635,000 after acquiring an additional 567 shares in the last quarter. Illinois Municipal Retirement Fund raised its position in Madrigal Pharmaceuticals by 103.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 3,872 shares of the biopharmaceutical company's stock valued at $2,027,000 after purchasing an additional 1,969 shares during the last quarter. J. Safra Sarasin Holding AG boosted its stake in Madrigal Pharmaceuticals by 50.3% in the first quarter. J. Safra Sarasin Holding AG now owns 2,323 shares of the biopharmaceutical company's stock worth $1,216,000 after purchasing an additional 777 shares in the last quarter. Fifth Third Bancorp acquired a new position in Madrigal Pharmaceuticals in the first quarter worth $435,000. Finally, Candriam S.C.A. grew its holdings in shares of Madrigal Pharmaceuticals by 32.9% during the first quarter. Candriam S.C.A. now owns 84,948 shares of the biopharmaceutical company's stock worth $44,468,000 after purchasing an additional 21,042 shares during the last quarter. Institutional investors own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

MDGL has been the subject of a number of research reports. Evercore set a $649.00 target price on Madrigal Pharmaceuticals in a research note on Thursday, May 7th. Bank of America decreased their price objective on shares of Madrigal Pharmaceuticals from $550.00 to $542.00 and set a "neutral" rating on the stock in a report on Thursday, June 11th. Citigroup restated an "outperform" rating on shares of Madrigal Pharmaceuticals in a research report on Friday, July 17th. Truist Financial boosted their target price on shares of Madrigal Pharmaceuticals from $640.00 to $709.00 and gave the stock a "buy" rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $687.93.

Madrigal Pharmaceuticals Price Performance

NASDAQ MDGL opened at $544.51 on Friday. The company has a quick ratio of 3.16, a current ratio of 3.50 and a debt-to-equity ratio of 0.63. Madrigal Pharmaceuticals, Inc. has a 12-month low of $286.44 and a 12-month high of $615.00. The company has a market capitalization of $12.56 billion, a PE ratio of -42.54 and a beta of -1.05. The firm's 50 day moving average is $516.10 and its 200-day moving average is $500.31.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($3.25) EPS for the quarter, topping the consensus estimate of ($3.61) by $0.36. Madrigal Pharmaceuticals had a negative net margin of 27.32% and a negative return on equity of 50.15%. The business had revenue of $311.34 million during the quarter, compared to analysts' expectations of $301.05 million. During the same quarter in the prior year, the company posted ($3.32) earnings per share. The firm's revenue was up 126.8% on a year-over-year basis. Equities research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -7.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Richard S. Levy sold 5,682 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $515.44, for a total value of $2,928,730.08. Following the completion of the sale, the director owned 22,015 shares of the company's stock, valued at approximately $11,347,411.60. This represents a 20.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Soergel sold 1,042 shares of the firm's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $495.74, for a total transaction of $516,561.08. Following the completion of the transaction, the insider directly owned 10,033 shares of the company's stock, valued at $4,973,759.42. This represents a 9.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 7,568 shares of company stock valued at $3,880,711. Corporate insiders own 17.60% of the company's stock.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company's pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-β agonist in Phase 3 development for the treatment of NASH.

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