The Manufacturers Life Insurance Company Sells 5,721 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

The Manufacturers Life Insurance Company trimmed its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 16.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,957 shares of the biopharmaceutical company’s stock after selling 5,721 shares during the period. The Manufacturers Life Insurance Company’s holdings in Madrigal Pharmaceuticals were worth $6,357,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MDGL. First Horizon Advisors Inc. increased its stake in Madrigal Pharmaceuticals by 1,633.3% in the 2nd quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 98 shares during the period. Signaturefd LLC increased its stake in shares of Madrigal Pharmaceuticals by 36.8% in the second quarter. Signaturefd LLC now owns 145 shares of the biopharmaceutical company’s stock worth $41,000 after buying an additional 39 shares during the period. Nisa Investment Advisors LLC raised its holdings in Madrigal Pharmaceuticals by 47.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company’s stock valued at $45,000 after buying an additional 68 shares during the last quarter. Quest Partners LLC boosted its position in Madrigal Pharmaceuticals by 5,225.0% during the 2nd quarter. Quest Partners LLC now owns 213 shares of the biopharmaceutical company’s stock valued at $60,000 after buying an additional 209 shares during the period. Finally, Comerica Bank grew its holdings in Madrigal Pharmaceuticals by 615.4% in the 1st quarter. Comerica Bank now owns 372 shares of the biopharmaceutical company’s stock worth $99,000 after acquiring an additional 320 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director Fred B. Craves sold 3,400 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $350.30, for a total value of $1,191,020.00. Following the sale, the director now owns 14,600 shares in the company, valued at $5,114,380. The trade was a 18.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William John Sibold sold 6,363 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $243.83, for a total value of $1,551,490.29. Following the transaction, the chief executive officer now owns 55,887 shares of the company’s stock, valued at $13,626,927.21. This represents a 10.22 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,363 shares of company stock worth $5,382,326. 22.80% of the stock is owned by corporate insiders.

Madrigal Pharmaceuticals Stock Down 1.7 %

MDGL opened at $313.05 on Friday. The firm’s 50 day simple moving average is $270.16 and its two-hundred day simple moving average is $261.57. The company has a market capitalization of $6.83 billion, a PE ratio of -12.48 and a beta of -0.42. Madrigal Pharmaceuticals, Inc. has a 1-year low of $168.25 and a 1-year high of $368.29. 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) last released its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share (EPS) for the quarter, beating the consensus estimate of ($6.94) by $2.02. The company had revenue of $62.18 million for the quarter, compared to the consensus estimate of $34.60 million. During the same period in the prior year, the firm posted ($5.34) EPS. As a group, equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -24.08 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Citigroup dropped their price target on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 20th. Oppenheimer decreased their price target on shares of Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. B. Riley upped their target price on Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Finally, Evercore ISI lowered their target price on Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $347.33.

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.