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

Bank of America Corp DE increased its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 1.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 217,828 shares of the biopharmaceutical company's stock after purchasing 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.

Other institutional investors have also bought and sold shares of the company. Newbridge Financial Services Group Inc. acquired a new stake in Madrigal Pharmaceuticals in the fourth quarter worth about $1,297,000. Franklin Resources Inc. raised its position in Madrigal Pharmaceuticals by 340.1% in the fourth quarter. Franklin Resources Inc. now owns 6,087 shares of the biopharmaceutical company's stock worth $1,878,000 after acquiring an additional 4,704 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Madrigal Pharmaceuticals in the fourth quarter worth about $16,615,000. Barclays PLC raised its position in Madrigal Pharmaceuticals by 159.9% in the third quarter. Barclays PLC now owns 40,279 shares of the biopharmaceutical company's stock worth $8,549,000 after acquiring an additional 24,783 shares in the last quarter. Finally, Prudential Financial Inc. raised its position in Madrigal Pharmaceuticals by 166.2% in the fourth quarter. Prudential Financial Inc. now owns 3,655 shares of the biopharmaceutical company's stock worth $1,128,000 after acquiring an additional 2,282 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. HC Wainwright boosted their price target on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a "buy" rating in a research report on Thursday, February 27th. UBS Group boosted their price target 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. Canaccord Genuity Group boosted their price target 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. JMP Securities restated a "market outperform" rating and set a $443.00 price objective on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. Finally, B. Riley restated a "buy" rating and set a $460.00 price objective (up previously from $422.00) on shares of Madrigal Pharmaceuticals in a report on Friday, May 2nd. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Madrigal Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $416.33.

Madrigal Pharmaceuticals Stock Down 0.3%

NASDAQ:MDGL traded down $0.86 on Friday, hitting $290.96. 293,334 shares of the company's stock traded hands, compared to its average volume of 386,348. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. Madrigal Pharmaceuticals, Inc. has a 1 year low of $200.63 and a 1 year high of $377.46. The firm has a 50-day moving average price of $317.98 and a 200-day moving average price of $320.56. The company has a market cap of $6.46 billion, a PE ratio of -11.60 and a beta of -0.91.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its 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 business had revenue of $137.25 million for the quarter, compared to analysts' expectations of $112.79 million. During the same period last year, the firm earned ($7.38) EPS. Equities analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Insider Buying and Selling at Madrigal Pharmaceuticals

In related news, VP Robert E. Waltermire sold 14,113 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $341.32, for a total value of $4,817,049.16. Following the completion of the sale, the vice president now owns 3,728 shares of the company's stock, valued at approximately $1,272,440.96. The trade was a 79.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James M. Daly sold 15,470 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $347.45, for a total value of $5,375,051.50. Following the sale, the director now directly owns 1,912 shares of the company's stock, valued at $664,324.40. The trade was a 89.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,810 shares of company stock valued at $10,610,594 in the last 90 days. 21.50% of the stock is currently owned by corporate insiders.

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.