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

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 trimmed its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 15.5% during the first quarter, according to the company in 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 period. TD Asset Management Inc owned about 0.10% of Madrigal Pharmaceuticals worth $7,367,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MDGL. Woodline Partners LP lifted its holdings in Madrigal Pharmaceuticals by 110.2% in the 4th quarter. Woodline Partners LP now owns 309,117 shares of the biopharmaceutical company's stock valued at $95,384,000 after purchasing an additional 162,027 shares in the last quarter. Hood River Capital Management LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 4th quarter valued at about $39,447,000. Renaissance Technologies LLC increased its stake in shares of Madrigal Pharmaceuticals by 261.3% during the 4th quarter. Renaissance Technologies LLC now owns 160,782 shares of the biopharmaceutical company's stock valued at $49,613,000 after acquiring an additional 116,285 shares during the last quarter. Norges Bank acquired a new position in shares of Madrigal Pharmaceuticals during the 4th quarter valued at about $35,514,000. Finally, FMR LLC increased its stake in shares of Madrigal Pharmaceuticals by 10.8% during the 4th quarter. FMR LLC now owns 867,850 shares of the biopharmaceutical company's stock valued at $267,792,000 after acquiring an additional 84,305 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Madrigal Pharmaceuticals

In related news, Director Rebecca Taub sold 26,444 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $353.47, for a total transaction of $9,347,160.68. Following the transaction, the director directly owned 461,044 shares in the company, valued at $162,965,222.68. This trade represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul A. Friedman sold 26,176 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $353.47, for a total value of $9,252,430.72. Following the transaction, the director owned 187,164 shares in the company, valued at $66,156,859.08. This trade represents a 12.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,377 shares of company stock worth $21,316,969 over the last 90 days. 21.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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

Madrigal Pharmaceuticals Stock Up 9.1%

Shares of Madrigal Pharmaceuticals stock traded up $28.37 on Tuesday, hitting $340.48. 852,960 shares of the company's stock traded hands, compared to its average volume of 373,669. The stock has a market cap of $7.56 billion, a P/E ratio of -18.86 and a beta of -1.02. The company has a quick ratio of 5.58, a current ratio of 5.91 and a debt-to-equity ratio of 0.17. The firm's 50-day moving average is $295.25 and its 200 day moving average is $312.01. Madrigal Pharmaceuticals, Inc. has a 52-week low of $200.63 and a 52-week high of $377.46.

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 ($3.64) by $1.74. Madrigal Pharmaceuticals had a negative return on equity of 50.54% and a negative net margin of 123.38%. During the same quarter in the previous year, the firm earned ($7.10) EPS. Madrigal Pharmaceuticals's revenue for the quarter was up 1357.5% on a year-over-year basis. Equities analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Madrigal Pharmaceuticals 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.