TD Asset Management Inc Sells 4,090 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Key Points

• TD Asset Management Inc reduced its stake in Madrigal Pharmaceuticals by 15.5%, selling 4,090 shares and retaining approximately 22,240 shares valued at $7,367,000.
• Multiple hedge funds increased their positions in Madrigal Pharmaceuticals, with Farther Finance Advisors LLC boosting its stake by 825.0%.
• Analysts have raised their price targets for Madrigal Pharmaceuticals, with Canaccord Genuity increasing its target to $420.00 and maintaining a "buy" rating.

TD Asset Management Inc lessened its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 15.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,240 shares of the biopharmaceutical company's stock after selling 4,090 shares during the quarter. TD Asset Management Inc owned about 0.10% of Madrigal Pharmaceuticals worth $7,367,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. VSM Wealth Advisory LLC bought a new position in Madrigal Pharmaceuticals during the 1st quarter worth approximately $25,000. Farther Finance Advisors LLC lifted its stake in Madrigal Pharmaceuticals by 825.0% in the first 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 lifted its stake in Madrigal Pharmaceuticals by 131.4% in the first 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. lifted its stake in Madrigal Pharmaceuticals by 38.9% in the first 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 lifted its stake in Madrigal Pharmaceuticals by 42.7% in the first 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. Institutional investors and hedge funds own 98.50% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, Director Paul A. Friedman sold 26,176 shares of the business's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $353.47, for a total value of $9,252,430.72. Following the completion of the sale, the director owned 187,164 shares of the company's stock, valued at approximately $66,156,859.08. The trade was a 12.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Rebecca Taub sold 26,444 shares of the business's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $353.47, for a total transaction of $9,347,160.68. Following the completion of the sale, the director directly owned 461,044 shares of the company's stock, valued at approximately $162,965,222.68. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,377 shares of company stock worth $21,316,969. Corporate insiders own 21.50% of the company's stock.

Madrigal Pharmaceuticals Stock Up 3.3%

MDGL traded up $9.94 during trading on Monday, reaching $312.11. 404,902 shares of the stock were exchanged, compared to its average volume of 370,617. The stock has a market cap of $6.93 billion, a P/E ratio of -17.29 and a beta of -1.02. Madrigal Pharmaceuticals, Inc. has a twelve month low of $200.63 and a twelve month high of $377.46. The stock's 50 day moving average price is $295.25 and its two-hundred day moving average price 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.

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

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.