Connor Clark & Lunn Investment Management Ltd. Sells 10,979 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 13.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 72,083 shares of the biopharmaceutical company’s stock after selling 10,979 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Madrigal Pharmaceuticals were worth $15,297,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Madrigal Pharmaceuticals by 106.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 803,213 shares of the biopharmaceutical company’s stock worth $214,491,000 after buying an additional 414,484 shares in the last quarter. Fiera Capital Corp bought a new stake in shares of Madrigal Pharmaceuticals during the second quarter worth $32,335,000. Avoro Capital Advisors LLC increased its holdings in shares of Madrigal Pharmaceuticals by 5.7% during the second quarter. Avoro Capital Advisors LLC now owns 2,055,555 shares of the biopharmaceutical company’s stock worth $575,884,000 after buying an additional 111,111 shares in the last quarter. Artal Group S.A. bought a new position in shares of Madrigal Pharmaceuticals in the 1st quarter valued at $29,510,000. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Madrigal Pharmaceuticals by 172.6% during the 2nd quarter. Point72 Asset Management L.P. now owns 40,958 shares of the biopharmaceutical company’s stock valued at $11,475,000 after acquiring an additional 97,387 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Insider Activity at Madrigal Pharmaceuticals

In other news, Director Richard S. Levy sold 5,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $300.94, for a total transaction of $1,504,700.00. Following the completion of the transaction, the director now directly owns 11,012 shares of the company’s stock, valued at $3,313,951.28. This represents a 31.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William John Sibold sold 6,363 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $243.83, for a total transaction of $1,551,490.29. Following the completion of the sale, the chief executive officer now directly owns 55,887 shares in the company, valued at $13,626,927.21. This trade represents a 10.22 % decrease in their position. The disclosure for this sale can be found here. 22.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Oppenheimer dropped their price objective on shares of Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. Cantor Fitzgerald reiterated a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday. B. Riley increased their price objective on Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. StockNews.com raised Madrigal Pharmaceuticals to a “sell” rating in a research report on Saturday, October 12th. Finally, Evercore ISI reduced their price target on Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $347.33.

Madrigal Pharmaceuticals Price Performance

Shares of NASDAQ MDGL opened at $317.09 on Thursday. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $246.71 and a 200-day moving average price of $252.63. Madrigal Pharmaceuticals, Inc. has a 1 year low of $168.25 and a 1 year high of $368.29.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) EPS for the quarter, beating analysts’ consensus estimates of ($6.94) by $2.02. The company had revenue of $62.18 million during the quarter, compared to analysts’ expectations of $34.60 million. During the same period in the previous year, the company posted ($5.34) earnings per share. On average, sell-side analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -24.08 EPS for the current 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.