Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Shares Sold by Kazazian Asset Management LLC

Key Points

• Kazazian Asset Management LLC has reduced its stake in Madrigal Pharmaceuticals by 81.8%, selling 4,295 shares and retaining only 955 shares, valued at approximately $316,000.
• Several large investors have significantly increased their holdings in Madrigal, notably Woodline Partners and Renaissance Technologies, which boosted their positions by over 100% and 261%, respectively.
• Research firms have raised their price targets for Madrigal Pharmaceuticals, with Canaccord Genuity setting a new objective of $420.00 and multiple analysts maintaining a "buy" rating on the stock.

Kazazian Asset Management LLC reduced its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 81.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 955 shares of the biopharmaceutical company's stock after selling 4,295 shares during the quarter. Kazazian Asset Management LLC's holdings in Madrigal Pharmaceuticals were worth $316,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. VSM Wealth Advisory LLC purchased a new stake in Madrigal Pharmaceuticals in the 1st quarter valued at $25,000. Farther Finance Advisors LLC grew its holdings in Madrigal Pharmaceuticals by 825.0% in the 1st quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company's stock valued at $36,000 after buying an additional 99 shares in the last quarter. GAMMA Investing LLC grew its holdings in Madrigal Pharmaceuticals by 131.4% in the 1st quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock valued at $39,000 after buying an additional 67 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in Madrigal Pharmaceuticals by 38.9% in the 1st quarter. First Horizon Advisors Inc. now owns 157 shares of the biopharmaceutical company's stock valued at $52,000 after buying an additional 44 shares in the last quarter. Finally, Parallel Advisors LLC grew its holdings in Madrigal Pharmaceuticals by 42.7% in the 1st quarter. Parallel Advisors LLC now owns 284 shares of the biopharmaceutical company's stock valued at $94,000 after buying an additional 85 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on MDGL shares. B. Riley reiterated a "buy" rating and set a $460.00 price target (up from $422.00) on shares of Madrigal Pharmaceuticals in a report on Friday, May 2nd. Wall Street Zen upgraded Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday, May 5th. UBS Group increased their price target on Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. JMP Securities reiterated a "market outperform" rating and set a $443.00 price target on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. Finally, Canaccord Genuity Group increased their price target on Madrigal Pharmaceuticals from $394.00 to $420.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $420.63.

Insider Activity

In other news, Director Rebecca Taub sold 1,000 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $350.00, for a total transaction of $350,000.00. Following the sale, the director owned 461,044 shares of the company's stock, valued at approximately $161,365,400. This trade represents a 0.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul A. Friedman sold 1,400 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $350.03, for a total value of $490,042.00. Following the sale, the director directly owned 187,164 shares in the company, valued at $65,513,014.92. This trade represents a 0.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,377 shares of company stock worth $21,316,969 in the last three months. Corporate insiders own 21.50% of the company's stock.

Madrigal Pharmaceuticals Stock Up 3.3%

Shares of MDGL traded up $9.94 during midday trading on Monday, hitting $312.11. The company had a trading volume of 404,909 shares, compared to its average volume of 371,258. The company's 50-day simple moving average is $295.25 and its 200-day simple moving average is $312.01. 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 firm has a market capitalization of $6.93 billion, a P/E ratio of -17.29 and a beta of -1.02. 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 issued its earnings results on Thursday, May 1st. The biopharmaceutical company reported ($3.32) earnings per share for the quarter, topping the consensus estimate of ($3.62) by $0.30. Madrigal Pharmaceuticals had a negative return on equity of 50.54% and a negative net margin of 123.38%. The business had revenue of $137.25 million for the quarter, compared to analyst estimates of $112.79 million. During the same quarter last year, the company earned ($7.38) EPS. As a group, sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current 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.