Principal Financial Group Inc. Sells 1,430 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Principal Financial Group Inc. decreased its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 46.8% in the 3rd quarter, Holdings Channel reports. The fund owned 1,626 shares of the biopharmaceutical company’s stock after selling 1,430 shares during the quarter. Principal Financial Group Inc.’s holdings in Madrigal Pharmaceuticals were worth $345,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in MDGL. First Horizon Advisors Inc. lifted its stake in shares of Madrigal Pharmaceuticals by 1,633.3% during the 2nd quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 98 shares during the last quarter. EntryPoint Capital LLC bought a new position in Madrigal Pharmaceuticals during the first quarter worth about $41,000. Signaturefd LLC increased its position in Madrigal Pharmaceuticals by 36.8% during the second quarter. Signaturefd LLC now owns 145 shares of the biopharmaceutical company’s stock worth $41,000 after acquiring an additional 39 shares during the period. Nisa Investment Advisors LLC increased its position in Madrigal Pharmaceuticals by 47.6% during the third quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company’s stock worth $45,000 after acquiring an additional 68 shares during the period. Finally, Quest Partners LLC increased its holdings in Madrigal Pharmaceuticals by 5,225.0% in 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. Institutional investors own 98.50% of the company’s stock.

Insider Activity at Madrigal Pharmaceuticals

In related news, CEO William John Sibold sold 6,363 shares of the company’s stock in a transaction dated 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 in the company, valued at $13,626,927.21. The trade was a 10.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard S. Levy sold 5,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $300.94, for a total value of $1,504,700.00. Following the completion of the transaction, the director now directly owns 11,012 shares of the company’s stock, valued at approximately $3,313,951.28. This trade represents a 31.23 % decrease in their position. The disclosure for this sale can be found here. 22.80% of the stock is currently owned by company insiders.

Madrigal Pharmaceuticals Trading Up 5.5 %

MDGL stock opened at $347.45 on Monday. The company has a market capitalization of $7.58 billion, a PE ratio of -13.85 and a beta of -0.46. Madrigal Pharmaceuticals, Inc. has a one year low of $168.25 and a one year high of $368.29. The company’s 50 day moving average price is $252.37 and its two-hundred day moving average price is $254.63. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.93 and a current ratio of 5.98.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) EPS for the quarter, topping the consensus estimate of ($6.94) by $2.02. The firm had revenue of $62.18 million during the quarter, compared to analysts’ expectations of $34.60 million. During the same period in the previous year, the firm earned ($5.34) earnings per share. As a group, analysts predict that Madrigal Pharmaceuticals, Inc. will post -24.08 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MDGL has been the topic of a number of analyst reports. Evercore ISI reduced their price objective on shares of Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. StockNews.com raised shares of Madrigal Pharmaceuticals to a “sell” rating in a research note on Saturday, October 12th. B. Riley upped 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. UBS Group increased their target price on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Citigroup decreased their price objective on shares of Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $347.33.

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.