State of New Jersey Common Pension Fund D Reduces Stock Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

State of New Jersey Common Pension Fund D lessened its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 13.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,682 shares of the biopharmaceutical company’s stock after selling 1,072 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Madrigal Pharmaceuticals were worth $2,062,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MDGL. Nisa Investment Advisors LLC boosted its holdings in shares of Madrigal Pharmaceuticals by 47.6% in the third quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company’s stock worth $45,000 after buying an additional 68 shares during the last quarter. Quest Partners LLC boosted its holdings in shares of Madrigal Pharmaceuticals by 172.8% in the third quarter. Quest Partners LLC now owns 581 shares of the biopharmaceutical company’s stock worth $123,000 after buying an additional 368 shares during the last quarter. KBC Group NV boosted its holdings in shares of Madrigal Pharmaceuticals by 73.5% in the fourth quarter. KBC Group NV now owns 609 shares of the biopharmaceutical company’s stock worth $188,000 after buying an additional 258 shares during the last quarter. Miracle Mile Advisors LLC purchased a new position in shares of Madrigal Pharmaceuticals in the fourth quarter worth approximately $216,000. Finally, Sanctuary Advisors LLC boosted its holdings in shares of Madrigal Pharmaceuticals by 12.7% in the third quarter. Sanctuary Advisors LLC now owns 1,185 shares of the biopharmaceutical company’s stock worth $251,000 after buying an additional 134 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insider Activity

In other news, insider Carole Huntsman sold 347 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $335.24, for a total transaction of $116,328.28. Following the sale, the insider now owns 10,438 shares in the company, valued at $3,499,235.12. This trade represents a 3.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Fred B. Craves sold 3,600 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $315.31, for a total transaction of $1,135,116.00. Following the completion of the sale, the director now owns 11,000 shares in the company, valued at $3,468,410. This represents a 24.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,090 shares of company stock worth $3,883,621 over the last quarter. Insiders own 22.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. UBS Group raised their price objective on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a report on Friday, November 1st. B. Riley raised their price objective on shares of Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. JMP Securities reissued a “market outperform” rating and issued a $427.00 price objective on shares of Madrigal Pharmaceuticals in a report on Friday, January 10th. HC Wainwright lifted their price target on shares of Madrigal Pharmaceuticals from $390.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, November 20th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $351.67.

Madrigal Pharmaceuticals Trading Down 4.2 %

Madrigal Pharmaceuticals stock opened at $336.23 on Friday. The stock has a market cap of $7.33 billion, a P/E ratio of -13.41 and a beta of -0.38. 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, Inc. has a 1 year low of $189.00 and a 1 year high of $368.29. The firm’s 50 day moving average price is $319.87 and its 200-day moving average price is $281.78.

Madrigal Pharmaceuticals Company 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.