Verity Asset Management Inc. grew its stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL – Free Report) by 44.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,474 shares of the biopharmaceutical company’s stock after purchasing an additional 452 shares during the period. Verity Asset Management Inc.’s holdings in Madrigal Pharmaceuticals were worth $357,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Avidity Partners Management LP purchased a new position in shares of Madrigal Pharmaceuticals during the 4th quarter valued at $124,808,000. Assenagon Asset Management S.A. raised its holdings in shares of Madrigal Pharmaceuticals by 315.1% during the first quarter. Assenagon Asset Management S.A. now owns 516,588 shares of the biopharmaceutical company’s stock worth $125,149,000 after acquiring an additional 392,145 shares in the last quarter. Federated Hermes Inc. acquired a new stake in Madrigal Pharmaceuticals during the first quarter valued at $33,616,000. Perceptive Advisors LLC grew its stake in Madrigal Pharmaceuticals by 50.6% in the first quarter. Perceptive Advisors LLC now owns 650,562 shares of the biopharmaceutical company’s stock valued at $157,605,000 after purchasing an additional 218,630 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new position in Madrigal Pharmaceuticals in the 4th quarter worth about $51,814,000. 79.86% of the stock is owned by hedge funds and other institutional investors.
Madrigal Pharmaceuticals Stock Performance
NASDAQ:MDGL traded up $12.92 during mid-day trading on Wednesday, hitting $189.79. 506,102 shares of the company’s stock traded hands, compared to its average volume of 356,529. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of -10.11 and a beta of -0.72. The firm has a 50 day moving average of $194.38 and a two-hundred day moving average of $239.55. The company has a current ratio of 3.02, a quick ratio of 3.02 and a debt-to-equity ratio of 0.96. Madrigal Pharmaceuticals, Inc. has a 12 month low of $57.21 and a 12 month high of $322.67.
Wall Street Analysts Forecast Growth
MDGL has been the topic of a number of research reports. Canaccord Genuity Group restated a “buy” rating and issued a $336.00 price objective on shares of Madrigal Pharmaceuticals in a report on Tuesday, July 18th. StockNews.com began coverage on shares of Madrigal Pharmaceuticals in a research note on Thursday, August 17th. They issued a “sell” rating for the company. B. Riley reiterated a “neutral” rating and issued a $224.00 price objective on shares of Madrigal Pharmaceuticals in a report on Monday. HC Wainwright restated a “buy” rating and set a $225.00 target price on shares of Madrigal Pharmaceuticals in a report on Tuesday. Finally, Oppenheimer decreased their price target on Madrigal Pharmaceuticals from $350.00 to $285.00 and set an “outperform” rating for the company in a research note on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $309.18.
Madrigal Pharmaceuticals Company 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 selective thyroid hormone receptor beta agonist, which is in Phase III clinical trials for treating NASH.
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