Connor Clark & Lunn Investment Management Ltd. Reduces Holdings in Madrigal Pharmaceuticals, Inc. $MDGL

Connor Clark & Lunn Investment Management Ltd. reduced its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 14.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 85,773 shares of the biopharmaceutical company’s stock after selling 14,322 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.38% of Madrigal Pharmaceuticals worth $39,341,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its position in Madrigal Pharmaceuticals by 46.3% during the second quarter. Bank of New York Mellon Corp now owns 88,943 shares of the biopharmaceutical company’s stock worth $26,918,000 after buying an additional 28,154 shares during the period. Allworth Financial LP grew its position in shares of Madrigal Pharmaceuticals by 17,570.0% during the second quarter. Allworth Financial LP now owns 3,534 shares of the biopharmaceutical company’s stock worth $1,070,000 after acquiring an additional 3,514 shares during the last quarter. Candriam S.C.A. increased its holdings in shares of Madrigal Pharmaceuticals by 133.8% in the 2nd quarter. Candriam S.C.A. now owns 49,965 shares of the biopharmaceutical company’s stock valued at $15,122,000 after acquiring an additional 28,593 shares during the period. Rockefeller Capital Management L.P. increased its holdings in shares of Madrigal Pharmaceuticals by 1.6% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 17,895 shares of the biopharmaceutical company’s stock valued at $5,416,000 after acquiring an additional 286 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its position in Madrigal Pharmaceuticals by 59.0% in the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 3,131 shares of the biopharmaceutical company’s stock valued at $948,000 after purchasing an additional 1,162 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 1,663 shares of the firm’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $431.94, for a total value of $718,316.22. Following the completion of the sale, the chief executive officer owned 161,829 shares of the company’s stock, valued at approximately $69,900,418.26. This trade represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Carole Huntsman sold 910 shares of the business’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $493.78, for a total transaction of $449,339.80. Following the sale, the insider owned 9,122 shares in the company, valued at $4,504,261.16. The trade was a 9.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 55,612 shares of company stock valued at $28,326,065 in the last three months. Insiders own 21.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

NASDAQ MDGL opened at $438.73 on Friday. The company has a current ratio of 4.01, a quick ratio of 3.77 and a debt-to-equity ratio of 0.56. The business’s 50 day moving average is $480.60 and its two-hundred day moving average is $487.72. Madrigal Pharmaceuticals, Inc. has a 12-month low of $265.00 and a 12-month high of $615.00. The stock has a market capitalization of $10.06 billion, a price-to-earnings ratio of -34.09 and a beta of -0.97.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Thursday, February 19th. The biopharmaceutical company reported ($2.57) EPS for the quarter, missing the consensus estimate of $0.04 by ($2.61). Madrigal Pharmaceuticals had a negative net margin of 30.08% and a negative return on equity of 43.76%. The business had revenue of $321.08 million during the quarter, compared to analyst estimates of $310.36 million. During the same period in the prior year, the business earned ($2.71) earnings per share. The firm’s quarterly revenue was up 210.8% compared to the same quarter last year. Research analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Analyst Upgrades and Downgrades

MDGL has been the topic of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Madrigal Pharmaceuticals in a research report on Thursday, January 22nd. HC Wainwright raised their price target on Madrigal Pharmaceuticals from $568.00 to $620.00 and gave the stock a “buy” rating in a report on Friday, November 21st. TD Cowen restated a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Monday, January 12th. B. Riley Financial upped their price objective on Madrigal Pharmaceuticals from $560.00 to $670.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, Piper Sandler lifted their target price on Madrigal Pharmaceuticals from $540.00 to $900.00 and gave the company an “overweight” rating in a research note on Friday, December 19th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $685.31.

Madrigal Pharmaceuticals Company Profile

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company’s pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-β agonist in Phase 3 development for the treatment of NASH.