Madrigal Pharmaceuticals, Inc. $MDGL Stock Position Reduced by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 3.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 185,889 shares of the biopharmaceutical company's stock after selling 7,007 shares during the period. Pictet Asset Management Holding SA owned about 0.80% of Madrigal Pharmaceuticals worth $93,729,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC boosted its stake in shares of Madrigal Pharmaceuticals by 2.0% in the second quarter. Concurrent Investment Advisors LLC now owns 1,034 shares of the biopharmaceutical company's stock worth $555,000 after buying an additional 20 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Madrigal Pharmaceuticals by 2.7% during the third quarter. Commonwealth Equity Services LLC now owns 1,664 shares of the biopharmaceutical company's stock worth $839,000 after acquiring an additional 43 shares during the period. ProShare Advisors LLC grew its holdings in Madrigal Pharmaceuticals by 5.5% during the third quarter. ProShare Advisors LLC now owns 838 shares of the biopharmaceutical company's stock worth $422,000 after acquiring an additional 44 shares during the period. GAMMA Investing LLC raised its position in Madrigal Pharmaceuticals by 35.4% during the second quarter. GAMMA Investing LLC now owns 172 shares of the biopharmaceutical company's stock valued at $92,000 after acquiring an additional 45 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in Madrigal Pharmaceuticals by 9.8% during the third quarter. Oppenheimer & Co. Inc. now owns 540 shares of the biopharmaceutical company's stock valued at $272,000 after acquiring an additional 48 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO William Sibold sold 5,221 shares of the stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $542.39, for a total transaction of $2,831,818.19. Following the transaction, the chief executive officer owned 197,746 shares in the company, valued at $107,255,452.94. This trade represents a 2.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Shannon T. Kelley sold 1,077 shares of Madrigal Pharmaceuticals stock in a transaction on Friday, November 6th. The shares were sold at an average price of $400.00, for a total transaction of $430,800.00. Following the completion of the sale, the general counsel directly owned 10,397 shares in the company, valued at $4,158,800. This represents a 9.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 13,324 shares of company stock worth $7,011,982 over the last three months. 17.60% of the stock is currently owned by corporate insiders.

Madrigal Pharmaceuticals Price Performance

Shares of Madrigal Pharmaceuticals stock opened at $432.79 on Tuesday. The firm has a market cap of $10.05 billion, a PE ratio of -72.37 and a beta of -0.98. Madrigal Pharmaceuticals, Inc. has a twelve month low of $353.54 and a twelve month high of $615.00. The company has a quick ratio of 2.94, a current ratio of 3.05 and a debt-to-equity ratio of 0.54. The business has a 50-day moving average price of $484.73 and a 200 day moving average price of $497.09.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last issued its quarterly earnings results on Tuesday, November 3rd. The biopharmaceutical company reported $1.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.09) by $2.92. The company had revenue of $431.27 million for the quarter, compared to the consensus estimate of $404.17 million. Madrigal Pharmaceuticals had a negative return on equity of 27.08% and a negative net margin of 10.89%. During the same quarter in the prior year, the business posted ($5.08) earnings per share. Sell-side analysts predict that Madrigal Pharmaceuticals, Inc. will post -2.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. The Goldman Sachs Group initiated coverage on Madrigal Pharmaceuticals in a report on Thursday, September 24th. They issued a "buy" rating and a $704.00 price target for the company. Wall Street Zen raised shares of Madrigal Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Saturday. Canaccord Genuity Group lifted their target price on shares of Madrigal Pharmaceuticals from $612.00 to $633.00 and gave the company a "buy" rating in a report on Wednesday, November 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Madrigal Pharmaceuticals in a research note on Thursday, October 15th. Finally, Truist Financial reiterated a "buy" rating and issued a $743.00 target price (up from $709.00) on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 4th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $706.87.

Madrigal Pharmaceuticals Profile

Madrigal Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for metabolic dysfunction-associated steatohepatitis (MASH), a serious form of fatty liver disease. The company is headquartered in Conshohocken, Pennsylvania.

Its lead product, Rezdiffra (resmetirom), is a thyroid hormone receptor-beta agonist. The U.S. Food and Drug Administration approved Rezdiffra in 2024 for use with diet and exercise in adults with noncirrhotic MASH and moderate-to-advanced liver fibrosis.

Madrigal's work centers on advancing medicines for liver disease, with Rezdiffra serving as its first approved therapy.

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