Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Position Raised by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. raised its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 43.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 103,288 shares of the biopharmaceutical company’s stock after buying an additional 31,205 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Madrigal Pharmaceuticals were worth $31,872,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. increased its holdings in shares of Madrigal Pharmaceuticals by 2.1% during the third quarter. Oppenheimer Asset Management Inc. now owns 1,507 shares of the biopharmaceutical company’s stock valued at $320,000 after purchasing an additional 31 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Madrigal Pharmaceuticals by 1.8% during the third quarter. Victory Capital Management Inc. now owns 2,292 shares of the biopharmaceutical company’s stock valued at $486,000 after purchasing an additional 40 shares during the period. Sanctuary Advisors LLC increased its holdings in shares of Madrigal Pharmaceuticals by 5.2% during the fourth quarter. Sanctuary Advisors LLC now owns 1,247 shares of the biopharmaceutical company’s stock valued at $422,000 after purchasing an additional 62 shares during the period. Arizona State Retirement System increased its holdings in shares of Madrigal Pharmaceuticals by 2.5% during the fourth quarter. Arizona State Retirement System now owns 3,774 shares of the biopharmaceutical company’s stock valued at $1,165,000 after purchasing an additional 91 shares during the period. Finally, Franklin Resources Inc. increased its holdings in shares of 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 during the period. 98.50% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Madrigal Pharmaceuticals news, VP Robert E. Waltermire sold 103 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $335.24, for a total transaction of $34,529.72. Following the completion of the sale, the vice president now directly owns 4,955 shares in the company, valued at approximately $1,661,114.20. This trade represents a 2.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James M. Daly sold 15,470 shares of the firm’s stock in a transaction dated 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 owns 1,912 shares of the company’s stock, valued at $664,324.40. The trade was a 89.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,900 shares of company stock worth $12,168,079. 22.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

MDGL has been the topic of a number of research analyst reports. JMP Securities reissued a “market outperform” rating and set a $427.00 price target on shares of Madrigal Pharmaceuticals in a report on Friday, January 10th. B. Riley raised Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and lifted their target price for the stock from $236.00 to $422.00 in a report on Thursday, February 27th. HC Wainwright lifted their target price on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday, November 20th. Finally, Citigroup lifted their target price on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $375.75.

Madrigal Pharmaceuticals Trading Down 2.4 %

Shares of MDGL opened at $327.31 on Thursday. The business’s 50-day moving average price is $325.79 and its 200 day moving average price is $289.37. The stock has a market capitalization of $7.23 billion, a P/E ratio of -13.05 and a beta of -0.41. Madrigal Pharmaceuticals, Inc. has a 1-year low of $189.00 and a 1-year high of $377.46. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share for the quarter, topping analysts’ consensus estimates of ($4.32) by $1.61. The company had revenue of $103.32 million during the quarter, compared to analysts’ expectations of $97.81 million. Analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share 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.