Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Stock Position Increased by Sofinnova Investments Inc.

Sofinnova Investments Inc. raised its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 133.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 44,417 shares of the biopharmaceutical company’s stock after purchasing an additional 25,388 shares during the period. Sofinnova Investments Inc.’s holdings in Madrigal Pharmaceuticals were worth $12,444,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in MDGL. Victory Capital Management Inc. increased its position in Madrigal Pharmaceuticals by 35.1% in the 4th quarter. Victory Capital Management Inc. now owns 1,920 shares of the biopharmaceutical company’s stock valued at $444,000 after acquiring an additional 499 shares during the period. Amalgamated Bank grew its stake in shares of Madrigal Pharmaceuticals by 2.8% in the fourth quarter. Amalgamated Bank now owns 2,119 shares of the biopharmaceutical company’s stock worth $490,000 after purchasing an additional 57 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Madrigal Pharmaceuticals by 9.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 120,212 shares of the biopharmaceutical company’s stock valued at $27,815,000 after purchasing an additional 10,711 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Madrigal Pharmaceuticals by 37.0% during the fourth quarter. BNP Paribas Financial Markets now owns 22,769 shares of the biopharmaceutical company’s stock valued at $5,268,000 after purchasing an additional 6,148 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Madrigal Pharmaceuticals by 3.8% in the fourth quarter. Principal Financial Group Inc. now owns 3,875 shares of the biopharmaceutical company’s stock worth $897,000 after purchasing an additional 142 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Activity

In other news, CEO William John Sibold sold 6,363 shares of the 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 sale, the chief executive officer now directly owns 55,887 shares of the company’s stock, valued at $13,626,927.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 23.92% of the stock is owned by corporate insiders.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ:MDGL opened at $233.39 on Tuesday. The company’s fifty day moving average is $259.69 and its two-hundred day moving average is $250.48. The company has a market cap of $4.97 billion, a P/E ratio of -10.11 and a beta of -0.43. Madrigal Pharmaceuticals, Inc. has a 12-month low of $119.76 and a 12-month high of $299.98. The company has a quick ratio of 8.67, a current ratio of 8.72 and a debt-to-equity ratio of 0.14.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($7.10) earnings per share for the quarter, beating the consensus estimate of ($7.55) by $0.45. The business had revenue of $14.64 million for the quarter, compared to analyst estimates of $4.25 million. The firm’s quarterly revenue was up 146280.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($4.69) earnings per share. Equities analysts expect that Madrigal Pharmaceuticals, Inc. will post -27.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a research note on Tuesday, July 23rd. Citigroup lowered their price objective on shares of Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. JMP Securities upped their target price on Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the stock a “market outperform” rating in a research report on Tuesday, July 16th. StockNews.com raised Madrigal Pharmaceuticals to a “sell” rating in a research note on Monday, September 9th. Finally, Wolfe Research initiated coverage on shares of Madrigal Pharmaceuticals in a research report on Tuesday, June 11th. They issued an “outperform” rating and a $382.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $343.83.

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.