Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Shares Sold by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD reduced its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 19.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 588,764 shares of the biopharmaceutical company's stock after selling 144,933 shares during the quarter. Price T Rowe Associates Inc. MD owned about 2.70% of Madrigal Pharmaceuticals worth $181,676,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Madrigal Pharmaceuticals in the 4th quarter valued at approximately $70,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Madrigal Pharmaceuticals in the 4th quarter valued at $164,000. KBC Group NV raised its stake in Madrigal Pharmaceuticals by 73.5% in the 4th quarter. KBC Group NV now owns 609 shares of the biopharmaceutical company's stock worth $188,000 after acquiring an additional 258 shares during the last quarter. Jump Financial LLC acquired a new stake in Madrigal Pharmaceuticals during the 4th quarter worth about $210,000. Finally, Farringdon Capital Ltd. purchased a new stake in Madrigal Pharmaceuticals during the 4th quarter valued at about $215,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Trading Down 2.6 %

Shares of MDGL traded down $8.55 during midday trading on Friday, reaching $319.15. The company had a trading volume of 155,156 shares, compared to its average volume of 387,988. The firm has a 50 day simple moving average of $325.53 and a 200-day simple moving average of $313.28. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15. The stock has a market cap of $7.05 billion, a PE ratio of -12.70 and a beta of -0.69. Madrigal Pharmaceuticals, Inc. has a 1-year low of $200.08 and a 1-year high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last posted its earnings results on Thursday, May 1st. The biopharmaceutical company reported ($3.32) EPS for the quarter, beating analysts' consensus estimates of ($3.62) by $0.30. The business had revenue of $137.25 million during the quarter, compared to analysts' expectations of $112.79 million. During the same quarter in the prior year, the firm earned ($7.38) EPS. Research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Robert E. Waltermire sold 14,113 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $341.32, for a total transaction of $4,817,049.16. Following the sale, the vice president now directly owns 3,728 shares of the company's stock, valued at $1,272,440.96. This represents a 79.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James M. Daly sold 15,470 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $347.45, for a total transaction of $5,375,051.50. Following the sale, the director now owns 1,912 shares in the company, valued at approximately $664,324.40. This trade represents a 89.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,810 shares of company stock worth $10,610,594 over the last ninety days. Corporate insiders own 22.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Canaccord Genuity Group boosted their target price on shares of Madrigal Pharmaceuticals from $394.00 to $420.00 and gave the company a "buy" rating in a research report on Friday. B. Riley reissued a "buy" rating and issued a $460.00 price target (up from $422.00) on shares of Madrigal Pharmaceuticals in a report on Friday. Citigroup raised their price objective on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a "buy" rating in a research note on Thursday, February 27th. JMP Securities reissued a "market outperform" rating and set a $443.00 price target on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. Finally, HC Wainwright increased their target price on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a "buy" rating in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Madrigal Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $414.44.

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.