Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. decreased its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 77.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,668 shares of the biopharmaceutical company's stock after selling 28,992 shares during the period. Ameriprise Financial Inc.'s holdings in Madrigal Pharmaceuticals were worth $2,675,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. FMR LLC raised its holdings in shares of Madrigal Pharmaceuticals by 10.8% in the fourth quarter. FMR LLC now owns 867,850 shares of the biopharmaceutical company's stock worth $267,792,000 after buying an additional 84,305 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Madrigal Pharmaceuticals by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 410,578 shares of the biopharmaceutical company's stock worth $126,719,000 after buying an additional 4,923 shares during the last quarter. William Blair Investment Management LLC purchased a new position in shares of Madrigal Pharmaceuticals in the fourth quarter worth $114,717,000. Rock Springs Capital Management LP raised its holdings in shares of Madrigal Pharmaceuticals by 0.8% in the fourth quarter. Rock Springs Capital Management LP now owns 265,212 shares of the biopharmaceutical company's stock worth $81,836,000 after buying an additional 2,150 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its holdings in shares of Madrigal Pharmaceuticals by 38.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 208,484 shares of the biopharmaceutical company's stock worth $64,332,000 after buying an additional 57,886 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Insider Activity at Madrigal Pharmaceuticals

In other news, VP Robert E. Waltermire sold 14,113 shares of Madrigal Pharmaceuticals stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $341.32, for a total value of $4,817,049.16. Following the sale, the vice president now owns 3,728 shares in the company, valued at $1,272,440.96. This trade represents a 79.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 21.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MDGL shares. JMP Securities reaffirmed a "market outperform" rating and issued a $443.00 price target on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. HC Wainwright raised their price target on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a "buy" rating in a report on Thursday, February 27th. Citigroup raised their target price on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a "buy" rating in a report on Thursday, February 27th. Wall Street Zen raised shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday, May 5th. Finally, UBS Group raised their target price on shares of Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $416.33.

Madrigal Pharmaceuticals Stock Performance

MDGL stock traded down $2.59 during midday trading on Monday, hitting $272.67. 287,804 shares of the stock traded hands, compared to its average volume of 381,706. The firm has a market cap of $6.05 billion, a P/E ratio of -10.87 and a beta of -0.91. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93. The stock's fifty day simple moving average is $304.18 and its 200-day simple moving average is $316.89. 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 released its quarterly earnings results on Thursday, May 1st. The biopharmaceutical company reported ($3.32) 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. During the same quarter in the prior year, the business posted ($7.38) EPS. On average, analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share 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.