Voya Investment Management LLC Sells 33,672 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)
Voya Investment Management LLC reduced its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 77.2%, selling 33,672 shares during the fourth quarter. After the sale, Voya holds 9,942 shares valued at approximately $3.07 million. Other institutional investors also adjusted their stakes, with FMR LLC increasing its holdings by 10.8%. Analysts maintain a "Moderate Buy" rating for MDGL, with an average price target of $416.33. Recent insider trading saw significant share sales by company executives, contributing to a 3.7% decline in stock price.
Voya Investment Management LLC cut its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 77.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,942 shares of the biopharmaceutical company's stock after selling 33,672 shares during the period. Voya Investment Management LLC's holdings in Madrigal Pharmaceuticals were worth $3,068,000 at the end of the most recent quarter.
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Other institutional investors also recently added to or reduced their stakes in the company. FMR LLC grew its stake in Madrigal Pharmaceuticals by 10.8% in the 4th quarter. FMR LLC now owns 867,850 shares of the biopharmaceutical company's stock worth $267,792,000 after acquiring an additional 84,305 shares in the last quarter. Geode Capital Management LLC grew its stake in Madrigal Pharmaceuticals by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 410,578 shares of the biopharmaceutical company's stock worth $126,719,000 after purchasing an additional 4,923 shares in the last quarter. William Blair Investment Management LLC purchased a new position in Madrigal Pharmaceuticals during the 4th quarter worth $114,717,000. Rock Springs Capital Management LP raised its position in Madrigal Pharmaceuticals by 0.8% during the 4th quarter. Rock Springs Capital Management LP now owns 265,212 shares of the biopharmaceutical company's stock valued at $81,836,000 after purchasing an additional 2,150 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of Madrigal Pharmaceuticals by 38.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 208,484 shares of the biopharmaceutical company's stock worth $64,332,000 after buying an additional 57,886 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.
Wall Street Analysts Forecast Growth
MDGL has been the subject of a number of research reports. JMP Securities reaffirmed a "market outperform" rating and issued a $443.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Thursday, April 24th. B. Riley reissued a "buy" rating and set a $460.00 price objective (up from $422.00) on shares of Madrigal Pharmaceuticals in a report on Friday. Canaccord Genuity Group upped their target price on Madrigal Pharmaceuticals from $394.00 to $420.00 and gave the stock a "buy" rating in a report on Friday. HC Wainwright boosted their price target on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a "buy" rating in a research report on Thursday, February 27th. Finally, Citigroup upped their price objective on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a "buy" rating in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Madrigal Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $416.33.
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Read Our Latest Stock Report on Madrigal Pharmaceuticals
Insider Buying and Selling
In other news, VP Robert E. Waltermire sold 14,113 shares of the company's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $341.32, for a total value of $4,817,049.16. Following the sale, the vice president now directly owns 3,728 shares of the company's stock, valued at $1,272,440.96. This represents a 79.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $5,375,051.50. Following the transaction, the director now directly owns 1,912 shares of the company's stock, valued at approximately $664,324.40. This trade represents a 89.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,810 shares of company stock valued at $10,610,594 over the last quarter. 22.80% of the stock is currently owned by company insiders.
Madrigal Pharmaceuticals Stock Down 3.7 %
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MDGL stock opened at $315.48 on Friday. 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 $200.08 and a 52 week high of $377.46. The stock has a market capitalization of $6.97 billion, a PE ratio of -12.58 and a beta of -0.69. The firm has a 50 day moving average of $325.65 and a 200 day moving average of $313.96.
Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The biopharmaceutical company reported ($3.32) earnings per share for the quarter, beating analysts' consensus estimates of ($3.62) by $0.30. The company had revenue of $137.25 million for the quarter, compared to analysts' expectations of $112.79 million. During the same period last year, the firm earned ($7.38) earnings per share. Sell-side analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.
Madrigal Pharmaceuticals Company Profile
(Free Report)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.
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