Rafferty Asset Management LLC Decreases Holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Rafferty Asset Management LLC decreased its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 25.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,123 shares of the biopharmaceutical company's stock after selling 11,501 shares during the period. Rafferty Asset Management LLC owned approximately 0.15% of Madrigal Pharmaceuticals worth $10,221,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. purchased a new stake in Madrigal Pharmaceuticals during the fourth quarter valued at about $1,297,000. Franklin Resources Inc. boosted its holdings in Madrigal Pharmaceuticals by 340.1% during the 4th quarter. Franklin Resources Inc. now owns 6,087 shares of the biopharmaceutical company's stock valued at $1,878,000 after acquiring an additional 4,704 shares during the period. Raymond James Financial Inc. bought a new position in Madrigal Pharmaceuticals during the 4th quarter worth approximately $16,615,000. Barclays PLC grew its position in Madrigal Pharmaceuticals by 159.9% during the 3rd 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 during the last quarter. Finally, Prudential Financial Inc. increased its stake in Madrigal Pharmaceuticals by 166.2% in the 4th quarter. Prudential Financial Inc. now owns 3,655 shares of the biopharmaceutical company's stock worth $1,128,000 after purchasing an additional 2,282 shares during the period. Institutional investors own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MDGL shares. StockNews.com raised Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Monday, May 5th. UBS Group upped their price target on shares of Madrigal Pharmaceuticals from $441.00 to $458.00 and gave the company a "buy" rating in a report on Friday, May 2nd. HC Wainwright raised their price target on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a "buy" rating in a report on Thursday, February 27th. Citigroup boosted 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. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $443.00 price target on shares of Madrigal Pharmaceuticals in a research note on Thursday, April 24th. Two investment 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 an average rating of "Moderate Buy" and an average price target of $416.33.

Madrigal Pharmaceuticals Stock Up 0.7%

Shares of MDGL stock traded up $2.04 during midday trading on Tuesday, reaching $292.76. 313,954 shares of the stock were exchanged, compared to its average volume of 385,973. Madrigal Pharmaceuticals, Inc. has a 1 year low of $200.63 and a 1 year high of $377.46. The firm has a market cap of $6.50 billion, a PE ratio of -11.67 and a beta of -0.91. The company's 50 day moving average is $317.25 and its two-hundred day moving average is $320.79. 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 (NASDAQ:MDGL - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The biopharmaceutical company reported ($3.32) earnings per share for the quarter, topping the consensus estimate of ($3.62) by $0.30. The firm had revenue of $137.25 million during the quarter, compared to analysts' expectations of $112.79 million. During the same period in the previous year, the company earned ($7.38) earnings per share. On average, equities research analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Insider Activity

In related news, 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 transaction, the director now directly owns 1,912 shares of the company's stock, valued at approximately $664,324.40. This represents a 89.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 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 $1,272,440.96. This trade represents a 79.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,810 shares of company stock worth $10,610,594. Corporate insiders own 21.50% of the company's stock.

About Madrigal Pharmaceuticals

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.