Bank of America Corp DE Acquires 2,940 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Bank of America Corp DE lifted its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 1.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 217,828 shares of the biopharmaceutical company's stock after buying an additional 2,940 shares during the quarter. Bank of America Corp DE owned about 1.00% of Madrigal Pharmaceuticals worth $67,215,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of MDGL. Pitcairn Co. boosted its holdings in Madrigal Pharmaceuticals by 3.2% in the 4th quarter. Pitcairn Co. now owns 1,060 shares of the biopharmaceutical company's stock valued at $327,000 after purchasing an additional 33 shares during the period. Sanctuary Advisors LLC boosted its position in shares of Madrigal Pharmaceuticals by 5.2% during the 4th quarter. Sanctuary Advisors LLC now owns 1,247 shares of the biopharmaceutical company's stock valued at $422,000 after acquiring an additional 62 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Madrigal Pharmaceuticals by 2.5% during the 4th quarter. Arizona State Retirement System now owns 3,774 shares of the biopharmaceutical company's stock valued at $1,165,000 after acquiring an additional 91 shares during the last quarter. Summit Investment Advisors Inc. grew its holdings in shares of Madrigal Pharmaceuticals by 5.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,881 shares of the biopharmaceutical company's stock worth $580,000 after purchasing an additional 104 shares in the last quarter. Finally, Xponance Inc. increased its position in shares of Madrigal Pharmaceuticals by 9.8% in the fourth quarter. Xponance Inc. now owns 1,268 shares of the biopharmaceutical company's stock worth $391,000 after purchasing an additional 113 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Trading Down 0.3%

Madrigal Pharmaceuticals stock traded down $0.86 during trading hours on Friday, reaching $290.96. The company had a trading volume of 293,334 shares, compared to its average volume of 385,148. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93. Madrigal Pharmaceuticals, Inc. has a 12-month low of $200.63 and a 12-month high of $377.46. The company has a 50-day moving average price of $318.87 and a 200 day moving average price of $319.33. The firm has a market cap of $6.46 billion, a price-to-earnings ratio of -11.60 and a beta of -0.91.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The biopharmaceutical company reported ($3.32) earnings per share 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 analysts' expectations of $112.79 million. During the same period in the previous year, the company earned ($7.38) EPS. Equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Insider Buying and Selling

In other Madrigal Pharmaceuticals news, VP Robert E. Waltermire sold 14,113 shares of the company's stock in a transaction on 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 completion of the transaction, the vice president now directly owns 3,728 shares in the company, valued at approximately $1,272,440.96. This represents a 79.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James M. Daly sold 15,470 shares of the business's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $347.45, for a total transaction of $5,375,051.50. Following the transaction, the director now owns 1,912 shares in the company, valued at $664,324.40. This represents a 89.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,810 shares of company stock valued at $10,610,594 over the last ninety days. 22.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. HC Wainwright lifted their target price on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a "buy" rating in a research report on Thursday, February 27th. StockNews.com raised shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday, May 5th. Citigroup increased their target price on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a "buy" rating in a research note on Thursday, February 27th. B. Riley reaffirmed a "buy" rating and set a $460.00 price target (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a research note on Friday, May 2nd. Finally, 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. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $416.33.

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.