Raymond James Financial Inc. Makes New $16.62 Million Investment in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Raymond James Financial Inc. bought a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 53,846 shares of the biopharmaceutical company’s stock, valued at approximately $16,615,000.

Several other hedge funds also recently bought and sold shares of MDGL. Erste Asset Management GmbH acquired a new stake in Madrigal Pharmaceuticals in the third quarter worth $49,749,000. Paulson & CO. Inc. raised its holdings in Madrigal Pharmaceuticals by 10.4% in the third quarter. Paulson & CO. Inc. now owns 2,042,000 shares of the biopharmaceutical company’s stock worth $433,353,000 after purchasing an additional 192,000 shares during the period. Braidwell LP acquired a new stake in shares of Madrigal Pharmaceuticals during the third quarter worth $39,010,000. State Street Corp raised its holdings in shares of Madrigal Pharmaceuticals by 19.2% during the third quarter. State Street Corp now owns 887,752 shares of the biopharmaceutical company’s stock worth $188,399,000 after acquiring an additional 143,038 shares during the period. Finally, RTW Investments LP raised its holdings in shares of Madrigal Pharmaceuticals by 4.1% during the third quarter. RTW Investments LP now owns 1,993,687 shares of the biopharmaceutical company’s stock worth $423,100,000 after acquiring an additional 77,825 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Madrigal Pharmaceuticals

In other news, CMO Rebecca Taub sold 1,689 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $273.41, for a total transaction of $461,789.49. Following the transaction, the chief marketing officer now owns 457,310 shares in the company, valued at approximately $125,033,127.10. This trade represents a 0.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James M. Daly sold 15,470 shares of the firm’s stock in a transaction 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 owns 1,912 shares in the company, valued at approximately $664,324.40. This trade represents a 89.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,900 shares of company stock worth $12,168,079 over the last 90 days. Company insiders own 22.80% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

NASDAQ:MDGL opened at $342.44 on Tuesday. 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’s 50 day moving average price is $326.98 and its two-hundred day moving average price is $291.44. The firm has a market capitalization of $7.56 billion, a price-to-earnings ratio of -13.65 and a beta of -0.41. Madrigal Pharmaceuticals, Inc. has a 12-month low of $189.00 and a 12-month high of $377.46.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share (EPS) for the quarter, beating the consensus estimate of ($4.32) by $1.61. The business had revenue of $103.32 million during the quarter, compared to the consensus estimate of $97.81 million. On average, analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 20th. HC Wainwright upped their price objective on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. B. Riley raised Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and upped their price objective for the stock from $236.00 to $422.00 in a research report on Thursday, February 27th. JMP Securities reaffirmed a “market outperform” rating and set a $427.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Friday, January 10th. Finally, Citigroup upped their price objective on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Madrigal Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $378.44.

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.