Bessemer Group Inc. bought a new position in shares of Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,033 shares of the biopharmaceutical company’s stock, valued at approximately $116,000.
A number of other hedge funds also recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its holdings in shares of Madrigal Pharmaceuticals by 10.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 34,535 shares of the biopharmaceutical company’s stock worth $9,659,000 after purchasing an additional 3,387 shares in the last quarter. First Trust Advisors LP purchased a new position in Madrigal Pharmaceuticals during the third quarter worth approximately $255,000. Wells Fargo & Company MN raised its stake in Madrigal Pharmaceuticals by 36.9% during the third quarter. Wells Fargo & Company MN now owns 13,749 shares of the biopharmaceutical company’s stock worth $2,944,000 after purchasing an additional 3,709 shares during the period. Rhumbline Advisers raised its stake in Madrigal Pharmaceuticals by 7.5% during the third quarter. Rhumbline Advisers now owns 6,123 shares of the biopharmaceutical company’s stock worth $1,311,000 after purchasing an additional 429 shares during the period. Finally, Teachers Retirement System of The State of Kentucky purchased a new position in Madrigal Pharmaceuticals during the third quarter worth approximately $359,000. 58.28% of the stock is currently owned by institutional investors and hedge funds.
MDGL has been the topic of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $228.00 price target (down previously from $313.00) on shares of Madrigal Pharmaceuticals in a research note on Thursday, February 28th. Zacks Investment Research raised shares of Madrigal Pharmaceuticals from a “hold” rating to a “buy” rating and set a $133.00 price objective on the stock in a research note on Wednesday, January 9th. ValuEngine raised shares of Madrigal Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Monday, December 31st. UBS Group initiated coverage on shares of Madrigal Pharmaceuticals in a research note on Wednesday, January 23rd. They issued a “neutral” rating and a $119.00 price objective on the stock. Finally, Leerink Swann initiated coverage on shares of Madrigal Pharmaceuticals in a research note on Friday, February 22nd. They issued an “outperform” rating on the stock. Two analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Madrigal Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $223.36.
Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Wednesday, February 27th. The biopharmaceutical company reported ($0.75) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.75). During the same period in the prior year, the company posted ($0.67) EPS. On average, equities analysts expect that Madrigal Pharmaceuticals Inc will post -3.99 EPS for the current year.
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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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