53,846 Shares in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Purchased by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 53,846 shares of the biopharmaceutical company's stock, valued at approximately $16,615,000. Raymond James Financial Inc. owned 0.25% of Madrigal Pharmaceuticals as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in MDGL. Newbridge Financial Services Group Inc. bought a new stake in Madrigal Pharmaceuticals during the 4th quarter worth approximately $1,297,000. Franklin Resources Inc. increased its stake in shares of 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 purchasing an additional 4,704 shares in the last quarter. Barclays PLC raised its position in shares of Madrigal Pharmaceuticals by 159.9% during the 3rd quarter. Barclays PLC now owns 40,279 shares of the biopharmaceutical company's stock valued at $8,549,000 after purchasing an additional 24,783 shares during the period. Prudential Financial Inc. lifted its stake in shares of Madrigal Pharmaceuticals by 166.2% during the 4th quarter. Prudential Financial Inc. now owns 3,655 shares of the biopharmaceutical company's stock valued at $1,128,000 after buying an additional 2,282 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Madrigal Pharmaceuticals by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 150,746 shares of the biopharmaceutical company's stock worth $46,516,000 after buying an additional 2,776 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals 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 transaction of $5,375,051.50. Following the sale, the director now directly owns 1,912 shares in the company, valued at $664,324.40. This represents a 89.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Robert E. Waltermire sold 14,113 shares of Madrigal Pharmaceuticals 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 transaction, the vice president now owns 3,728 shares of the company's stock, valued at approximately $1,272,440.96. This trade represents a 79.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,810 shares of company stock valued at $10,610,594. Insiders own 22.80% of the company's stock.

Analyst Upgrades and Downgrades

MDGL has been the topic of several research analyst reports. JMP Securities restated a "market outperform" rating and issued a $443.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Thursday. B. Riley raised Madrigal Pharmaceuticals from a "hold" rating to a "strong-buy" rating and boosted their price target for the stock from $236.00 to $422.00 in a report on Thursday, February 27th. Citigroup increased their price objective on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a "buy" rating in a report on Thursday, February 27th. Finally, HC Wainwright boosted their target price 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. One analyst has rated the stock with a sell rating, one has issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $409.00.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ MDGL traded up $3.16 during midday trading on Friday, reaching $323.09. 100,110 shares of the stock traded hands, compared to its average volume of 388,576. The company's 50 day moving average is $326.17 and its 200 day moving average is $309.19. Madrigal Pharmaceuticals, Inc. has a one year low of $189.00 and a one year high of $377.46. The stock has a market capitalization of $7.13 billion, a PE ratio of -12.89 and a beta of -0.69. 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 (NASDAQ:MDGL - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) EPS for the quarter, beating the consensus estimate of ($4.32) by $1.61. The business had revenue of $103.32 million for the quarter, compared to the consensus estimate of $97.81 million. On average, equities research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

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.