Sumitomo Mitsui Trust Holdings Inc. Increases Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 10.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,405 shares of the biopharmaceutical company’s stock after buying an additional 227 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Madrigal Pharmaceuticals were worth $556,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in MDGL. Global Retirement Partners LLC raised its position in Madrigal Pharmaceuticals by 454.5% in the fourth quarter. Global Retirement Partners LLC now owns 122 shares of the biopharmaceutical company’s stock worth $30,000 after acquiring an additional 100 shares during the period. Montag A & Associates Inc. grew its stake in shares of Madrigal Pharmaceuticals by 223.3% in the 3rd quarter. Montag A & Associates Inc. now owns 194 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 134 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Madrigal Pharmaceuticals by 95.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 468 shares of the biopharmaceutical company’s stock worth $68,000 after buying an additional 228 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Madrigal Pharmaceuticals in the 3rd quarter worth $72,000. Finally, Exchange Traded Concepts LLC boosted its stake in shares of Madrigal Pharmaceuticals by 289.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 655 shares of the biopharmaceutical company’s stock worth $96,000 after purchasing an additional 487 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insider Activity

In other news, Director Richard S. Levy sold 11,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $257.48, for a total value of $2,832,280.00. Following the sale, the director now owns 10,298 shares in the company, valued at approximately $2,651,529.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Madrigal Pharmaceuticals news, CMO Rebecca Taub sold 27,845 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $245.14, for a total value of $6,825,923.30. Following the completion of the transaction, the chief marketing officer now owns 458,999 shares in the company, valued at approximately $112,519,014.86. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Richard S. Levy sold 11,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $257.48, for a total transaction of $2,832,280.00. Following the completion of the transaction, the director now owns 10,298 shares of the company’s stock, valued at $2,651,529.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 146,496 shares of company stock worth $31,362,420. 23.92% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. TD Cowen lifted their price objective on shares of Madrigal Pharmaceuticals from $349.00 to $390.00 and gave the company an “outperform” rating in a report on Friday, March 15th. HC Wainwright boosted their target price on Madrigal Pharmaceuticals from $405.00 to $425.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. UBS Group upped their price target on shares of Madrigal Pharmaceuticals from $337.00 to $410.00 and gave the company a “buy” rating in a report on Friday, March 15th. Bank of America began coverage on Madrigal Pharmaceuticals in a report on Monday. They issued an “underperform” rating and a $150.00 price objective for the company. Finally, Evercore ISI upped their price target on Madrigal Pharmaceuticals from $325.00 to $405.00 and gave the stock an “outperform” rating in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $356.73.

Madrigal Pharmaceuticals Trading Down 5.0 %

Shares of MDGL stock opened at $194.38 on Friday. Madrigal Pharmaceuticals, Inc. has a 12 month low of $119.76 and a 12 month high of $322.67. The company has a current ratio of 5.38, a quick ratio of 5.38 and a debt-to-equity ratio of 0.28. The company’s fifty day moving average price is $244.08 and its two-hundred day moving average price is $211.81.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Wednesday, February 28th. The biopharmaceutical company reported ($5.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($5.26) by ($0.42). During the same quarter last year, the business posted ($4.98) EPS. On average, research analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -21.86 earnings per share for the current fiscal year.

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.