Adage Capital Partners GP L.L.C. Takes Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Adage Capital Partners GP L.L.C. bought a new stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the 4th quarter, HoldingsChannel reports. The fund bought 19,960 shares of the biopharmaceutical company’s stock, valued at approximately $6,159,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC increased 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 buying an additional 84,305 shares during the period. Geode Capital Management LLC increased its stake in Madrigal Pharmaceuticals by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 410,578 shares of the biopharmaceutical company’s stock worth $126,719,000 after buying an additional 4,923 shares during the period. William Blair Investment Management LLC purchased a new position in Madrigal Pharmaceuticals in the 4th quarter worth about $114,717,000. Rock Springs Capital Management LP increased its stake in Madrigal Pharmaceuticals by 0.8% in the 4th quarter. Rock Springs Capital Management LP now owns 265,212 shares of the biopharmaceutical company’s stock worth $81,836,000 after buying an additional 2,150 shares during the period. Finally, Pictet Asset Management Holding SA increased its stake in 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.

Analysts Set New Price Targets

Several research firms recently commented on MDGL. 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 note on Thursday, February 27th. JMP Securities reiterated a “market outperform” rating and set a $443.00 target price on shares of Madrigal Pharmaceuticals in a report on Thursday, April 24th. Citigroup increased their target price on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. Finally, B. Riley upgraded shares of Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and increased their target price for the stock from $236.00 to $422.00 in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $409.00.

Insider Buying and Selling

In other news, VP Robert E. Waltermire sold 14,113 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $341.32, for a total transaction 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. The trade was a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James M. Daly sold 15,470 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $347.45, for a total transaction 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 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. Corporate insiders own 22.80% of the company’s stock.

Madrigal Pharmaceuticals Stock Up 1.4 %

NASDAQ:MDGL opened at $331.29 on Tuesday. Madrigal Pharmaceuticals, Inc. has a fifty-two week low of $191.18 and a fifty-two week high of $377.46. The stock has a market capitalization of $7.31 billion, a P/E ratio of -13.21 and a beta of -0.69. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.93 and a current ratio of 5.98. The company’s 50-day simple moving average is $325.67 and its 200-day simple moving average is $312.15.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last released its quarterly earnings results on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share 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 the consensus estimate of $97.81 million. On average, equities analysts anticipate that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Madrigal Pharmaceuticals Profile

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.