Handelsbanken Fonder AB Sells 28,000 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Handelsbanken Fonder AB cut its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 85.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,800 shares of the biopharmaceutical company's stock after selling 28,000 shares during the quarter. Handelsbanken Fonder AB's holdings in Madrigal Pharmaceuticals were worth $1,590,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Rhumbline Advisers lifted its position in shares of Madrigal Pharmaceuticals by 7.9% in the first quarter. Rhumbline Advisers now owns 26,364 shares of the biopharmaceutical company's stock worth $8,733,000 after buying an additional 1,924 shares during the last quarter. Franklin Resources Inc. boosted its position in Madrigal Pharmaceuticals by 340.1% during the fourth quarter. Franklin Resources Inc. now owns 6,087 shares of the biopharmaceutical company's stock worth $1,878,000 after purchasing an additional 4,704 shares during the period. Raymond James Financial Inc. bought a new stake in Madrigal Pharmaceuticals during the fourth quarter worth approximately $16,615,000. Prudential Financial Inc. grew its holdings in Madrigal Pharmaceuticals by 166.2% during the fourth quarter. Prudential Financial Inc. now owns 3,655 shares of the biopharmaceutical company's stock valued at $1,128,000 after purchasing an additional 2,282 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Madrigal Pharmaceuticals by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 150,746 shares of the biopharmaceutical company's stock valued at $46,516,000 after purchasing an additional 2,776 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on MDGL shares. Canaccord Genuity Group upped their price objective on shares of Madrigal Pharmaceuticals from $394.00 to $420.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Wall Street Zen raised Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, May 5th. B. Riley reissued a "buy" rating and set a $460.00 price objective (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a research report on Friday, May 2nd. HC Wainwright raised their target price on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a "buy" rating in a report on Thursday, February 27th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $443.00 price target on shares of Madrigal Pharmaceuticals in a research report on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $420.63.

Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ:MDGL traded up $3.85 during trading on Wednesday, hitting $283.45. 131,245 shares of the stock were exchanged, compared to its average volume of 360,256. The company's fifty day simple moving average is $296.26 and its 200-day simple moving average is $313.63. The company has a debt-to-equity ratio of 0.17, a quick ratio of 5.58 and a current ratio of 5.91. The company has a market capitalization of $6.29 billion, a price-to-earnings ratio of -15.74 and a beta of -1.08. Madrigal Pharmaceuticals, Inc. has a 1-year low of $200.63 and a 1-year high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The biopharmaceutical company reported ($3.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.62) by $0.30. The firm had revenue of $137.25 million for the quarter, compared to analyst estimates of $112.79 million. Madrigal Pharmaceuticals had a negative net margin of 123.38% and a negative return on equity of 50.54%. During the same quarter in the previous year, the firm posted ($7.38) EPS. Sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal 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.