Envestnet Asset Management Inc. Has $4.39 Million Stock Holdings in Madrigal Pharmaceuticals, Inc. $MDGL

Envestnet Asset Management Inc. trimmed its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 5.0% during the second quarter, HoldingsChannel reports. The fund owned 14,502 shares of the biopharmaceutical company’s stock after selling 768 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Madrigal Pharmaceuticals were worth $4,389,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of MDGL. VSM Wealth Advisory LLC acquired a new position in shares of Madrigal Pharmaceuticals during the first quarter worth $25,000. Accent Capital Management LLC acquired a new position in Madrigal Pharmaceuticals during the 1st quarter worth about $25,000. AlphaQuest LLC lifted its holdings in Madrigal Pharmaceuticals by 412.5% during the 2nd quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 66 shares during the period. Summit Securities Group LLC bought a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter valued at about $33,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of Madrigal Pharmaceuticals by 304.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 429 shares of the biopharmaceutical company’s stock valued at $142,000 after buying an additional 323 shares during the period. Institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Down 2.6%

Shares of NASDAQ MDGL opened at $514.93 on Friday. Madrigal Pharmaceuticals, Inc. has a 12-month low of $265.00 and a 12-month high of $544.25. The company has a quick ratio of 4.78, a current ratio of 5.11 and a debt-to-equity ratio of 0.17. The firm has a market cap of $11.69 billion, a PE ratio of -40.07 and a beta of -1.04. The company’s fifty day simple moving average is $443.96 and its 200 day simple moving average is $363.40.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($3.07). Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. As a group, sell-side analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current fiscal year.

Insider Transactions at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 7,616 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $400.18, for a total value of $3,047,770.88. Following the transaction, the chief executive officer owned 109,753 shares in the company, valued at approximately $43,920,955.54. This represents a 6.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bros. Advisors Lp Baker acquired 68,618 shares of Madrigal Pharmaceuticals stock in a transaction on Monday, August 18th. The stock was purchased at an average cost of $364.04 per share, with a total value of $24,979,696.72. Following the purchase, the director directly owned 1,859,091 shares of the company’s stock, valued at approximately $676,783,487.64. This trade represents a 3.83% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders acquired 165,683 shares of company stock valued at $61,921,142 and sold 32,774 shares valued at $14,798,408. 21.50% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Piper Sandler lifted their price objective on Madrigal Pharmaceuticals from $400.00 to $540.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. HC Wainwright boosted their price target on shares of Madrigal Pharmaceuticals from $500.00 to $568.00 and gave the stock a “buy” rating in a research report on Tuesday. Cowen reiterated a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 26th. TD Cowen lifted their target price on shares of Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the stock a “buy” rating in a research note on Tuesday, August 26th. Finally, Truist Financial initiated coverage on shares of Madrigal Pharmaceuticals in a research report on Tuesday, October 14th. They set a “buy” rating and a $580.00 price target on the stock. Thirteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Madrigal Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $539.17.

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.