CANADA LIFE ASSURANCE Co Increases Stock Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

CANADA LIFE ASSURANCE Co increased its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 81.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 2,334 shares of the biopharmaceutical company’s stock after buying an additional 1,045 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in Madrigal Pharmaceuticals were worth $719,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Pitcairn Co. boosted its position in Madrigal Pharmaceuticals by 3.2% during the 4th quarter. Pitcairn Co. now owns 1,060 shares of the biopharmaceutical company’s stock valued at $327,000 after acquiring an additional 33 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in shares of Madrigal Pharmaceuticals by 5.2% during the 4th quarter. Sanctuary Advisors LLC now owns 1,247 shares of the biopharmaceutical company’s stock worth $422,000 after purchasing an additional 62 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Madrigal Pharmaceuticals by 2.5% during the 4th quarter. Arizona State Retirement System now owns 3,774 shares of the biopharmaceutical company’s stock worth $1,165,000 after purchasing an additional 91 shares during the last quarter. Franklin Resources Inc. boosted its position in Madrigal Pharmaceuticals by 8.0% during the third quarter. Franklin Resources Inc. now owns 1,383 shares of the biopharmaceutical company’s stock valued at $298,000 after purchasing an additional 103 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its stake in Madrigal Pharmaceuticals by 5.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,881 shares of the biopharmaceutical company’s stock valued at $580,000 after purchasing an additional 104 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Madrigal Pharmaceuticals Stock Up 2.9 %

NASDAQ MDGL opened at $340.80 on Wednesday. The company has a quick ratio of 5.93, a current ratio of 5.98 and a debt-to-equity ratio of 0.15. Madrigal Pharmaceuticals, Inc. has a 52 week low of $199.40 and a 52 week high of $377.46. The business’s fifty day simple moving average is $325.46 and its 200-day simple moving average is $312.35. The firm has a market cap of $7.52 billion, a PE ratio of -13.59 and a beta of -0.69.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($4.32) by $1.61. The firm had revenue of $103.32 million during the quarter, compared to analysts’ expectations of $97.81 million. As a group, equities analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Insider Activity at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, Director James M. Daly sold 15,470 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $347.45, for a total value of $5,375,051.50. Following the sale, the director now directly owns 1,912 shares in the company, valued at $664,324.40. This trade represents a 89.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert E. Waltermire sold 1,227 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $341.07, for a total value of $418,492.89. Following the transaction, the vice president now directly owns 3,728 shares of the company’s stock, valued at approximately $1,271,508.96. This represents a 24.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,810 shares of company stock worth $10,610,594 in the last three months. 22.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MDGL has been the topic of a number of analyst reports. JMP Securities reaffirmed a “market outperform” rating and issued a $443.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Thursday, April 24th. Citigroup upped their target price on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. HC Wainwright raised their price target on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. Finally, B. Riley upgraded shares of Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and lifted their price objective for the company from $236.00 to $422.00 in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Madrigal Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $409.00.

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.