Fred Alger Management LLC Has $19.83 Million Stock Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Fred Alger Management LLC cut its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 8.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 93,446 shares of the biopharmaceutical company’s stock after selling 9,009 shares during the period. Fred Alger Management LLC owned 0.43% of Madrigal Pharmaceuticals worth $19,831,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MDGL. First Horizon Advisors Inc. boosted its stake in Madrigal Pharmaceuticals by 1,633.3% in the 2nd quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 98 shares during the period. Signaturefd LLC lifted its holdings in shares of 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 buying an additional 39 shares in the last quarter. Nisa Investment Advisors LLC boosted its position 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 valued at $45,000 after acquiring an additional 68 shares during the period. Quest Partners LLC grew its stake in shares of Madrigal Pharmaceuticals by 5,225.0% in the second quarter. Quest Partners LLC now owns 213 shares of the biopharmaceutical company’s stock valued at $60,000 after acquiring an additional 209 shares in the last quarter. Finally, Comerica Bank increased its position in Madrigal Pharmaceuticals by 615.4% during the first quarter. Comerica Bank now owns 372 shares of the biopharmaceutical company’s stock worth $99,000 after acquiring an additional 320 shares during the period. Institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on MDGL. Evercore ISI cut their price objective on shares of Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. StockNews.com raised Madrigal Pharmaceuticals to a “sell” rating in a research report on Saturday, October 12th. UBS Group raised their price objective on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. HC Wainwright reiterated a “buy” rating and set a $390.00 target price on shares of Madrigal Pharmaceuticals in a research report on Tuesday, October 22nd. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $347.33.

Madrigal Pharmaceuticals Stock Performance

Madrigal Pharmaceuticals stock opened at $328.19 on Friday. 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 has a market cap of $7.16 billion, a PE ratio of -13.09 and a beta of -0.46. Madrigal Pharmaceuticals, Inc. has a 12-month low of $168.25 and a 12-month high of $368.29. The business’s 50-day moving average price is $262.31 and its two-hundred day moving average price is $258.71.

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

Insiders Place Their Bets

In related news, CEO William John Sibold sold 6,363 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 55,887 shares in the company, valued at $13,626,927.21. This trade represents a 10.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Fred B. Craves sold 3,400 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $350.30, for a total transaction of $1,191,020.00. Following the sale, the director now directly owns 14,600 shares in the company, valued at $5,114,380. The trade was a 18.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,763 shares of company stock valued at $4,247,210. 22.80% of the stock is currently owned by insiders.

Madrigal Pharmaceuticals 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.