Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Stock Position Decreased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. decreased its stake in Madrigal Pharmaceuticals by 0.9%, ending the quarter with 102,360 shares valued at approximately $33.9 million.
• Madrigal Pharmaceuticals reported a significant revenue increase of 1357.5% compared to the same quarter last year, with earnings per share of ($1.90), outperforming analysts' expectations.
• Several analysts upgraded their ratings on Madrigal Pharmaceuticals, with target prices as high as $458.00 and an average rating of "Moderate Buy".

Connor Clark & Lunn Investment Management Ltd. cut its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 0.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 102,360 shares of the biopharmaceutical company's stock after selling 928 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.46% of Madrigal Pharmaceuticals worth $33,905,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Chicago Partners Investment Group LLC bought a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter worth $277,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Madrigal Pharmaceuticals by 0.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 151,251 shares of the biopharmaceutical company's stock worth $50,099,000 after acquiring an additional 505 shares in the last quarter. American Assets Investment Management LLC bought a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter worth $1,491,000. Accent Capital Management LLC bought a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter worth $25,000. Finally, Earned Wealth Advisors LLC bought a new stake in shares of Madrigal Pharmaceuticals during the 1st quarter worth $802,000. 98.50% of the stock is owned by institutional investors.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals 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 transaction, the director directly owned 461,044 shares in the company, valued at $161,365,400. This trade represents a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $350.03, for a total value of $490,042.00. Following the transaction, the director owned 187,164 shares in the company, valued at approximately $65,513,014.92. This trade represents a 0.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,377 shares of company stock valued at $21,316,969. 21.50% of the stock is owned by corporate insiders.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ:MDGL opened at $345.73 on Friday. The company has a current ratio of 5.11, a quick ratio of 5.58 and a debt-to-equity ratio of 0.17. Madrigal Pharmaceuticals, Inc. has a 1 year low of $200.63 and a 1 year high of $377.46. The business has a fifty day simple moving average of $301.66 and a 200 day simple moving average of $313.02. The firm has a market cap of $7.68 billion, a price-to-earnings ratio of -26.91 and a beta of -1.02.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.48) by $1.58. Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%. The business had revenue of $212.80 million during the quarter, compared to analyst estimates of $158.94 million. During the same period last year, the company earned ($7.10) earnings per share. Madrigal Pharmaceuticals's quarterly revenue was up 1357.5% compared to the same quarter last year. As a group, sell-side analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. UBS Group increased their target price on Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the company a "buy" rating 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. Canaccord Genuity Group increased their target price on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the company a "buy" rating in a report on Wednesday. B. Riley restated a "buy" rating and issued a $460.00 target price (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a report on Friday, May 2nd. Finally, JMP Securities restated a "market outperform" rating and issued a $443.00 target price on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $430.43.

Madrigal Pharmaceuticals Company Profile

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.

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