Victory Capital Management Inc. raised its stake in shares of Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) by 5.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 193,698 shares of the biopharmaceutical company’s stock after acquiring an additional 9,451 shares during the period. Victory Capital Management Inc. owned approximately 1.26% of Madrigal Pharmaceuticals worth $41,476,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Baker BROS. Advisors LP lifted its position in shares of Madrigal Pharmaceuticals by 89.9% during the 2nd quarter. Baker BROS. Advisors LP now owns 1,169,278 shares of the biopharmaceutical company’s stock worth $327,035,000 after buying an additional 553,594 shares during the last quarter. BlackRock Inc. lifted its position in shares of Madrigal Pharmaceuticals by 53.1% during the 2nd quarter. BlackRock Inc. now owns 488,499 shares of the biopharmaceutical company’s stock worth $136,627,000 after buying an additional 169,406 shares during the last quarter. OppenheimerFunds Inc. purchased a new stake in shares of Madrigal Pharmaceuticals during the 2nd quarter worth approximately $37,742,000. Boxer Capital LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the 2nd quarter worth approximately $26,571,000. Finally, Northern Trust Corp lifted its position in shares of Madrigal Pharmaceuticals by 23.1% during the 2nd quarter. Northern Trust Corp now owns 90,663 shares of the biopharmaceutical company’s stock worth $25,358,000 after buying an additional 17,023 shares during the last quarter. Institutional investors and hedge funds own 55.54% of the company’s stock.
Several analysts have recently weighed in on the stock. BidaskClub downgraded shares of Madrigal Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday, November 17th. Raymond James cut shares of Madrigal Pharmaceuticals from a “market perform” rating to an “underperform” rating in a report on Monday, November 19th. Citigroup started coverage on shares of Madrigal Pharmaceuticals in a report on Tuesday, September 4th. They issued a “buy” rating and a $340.00 target price on the stock. Evercore ISI raised shares of Madrigal Pharmaceuticals from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $222.00 to $250.00 in a report on Friday, November 16th. Finally, Oppenheimer set a $300.00 target price on shares of Madrigal Pharmaceuticals and gave the company a “buy” rating in a report on Tuesday, November 13th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $297.63.
Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings data on Tuesday, November 6th. The biopharmaceutical company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.03). As a group, research analysts forecast that Madrigal Pharmaceuticals Inc will post -2.19 earnings per share for the current fiscal year.
In related news, Director Fred B. Craves acquired 2,000 shares of the company’s stock in a transaction dated Monday, November 19th. The stock was bought at an average price of $124.69 per share, with a total value of $249,380.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Paul A. Friedman acquired 4,000 shares of the company’s stock in a transaction dated Monday, November 19th. The shares were bought at an average cost of $124.00 per share, with a total value of $496,000.00. The disclosure for this purchase can be found here. 56.70% of the stock is currently owned by corporate insiders.
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About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. The company's lead candidate is MGL-3196, an orally administered, small-molecule, liver-directed, thyroid hormone receptor (THR) ß-selective agonist, which is in Phase II clinical trials for the treatment of non-alcoholic steatohepatitis and heterozygous familial hypercholesterolemia.
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