Principal Financial Group Inc. Has $5.54 Million Holdings in Madrigal Pharmaceuticals, Inc. $MDGL

Principal Financial Group Inc. boosted its holdings in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 31.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,068 shares of the biopharmaceutical company’s stock after purchasing an additional 2,862 shares during the period. Principal Financial Group Inc.’s holdings in Madrigal Pharmaceuticals were worth $5,535,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Adage Capital Partners GP L.L.C. grew its holdings in shares of Madrigal Pharmaceuticals by 96.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 376,163 shares of the biopharmaceutical company’s stock worth $113,842,000 after purchasing an additional 184,554 shares during the last quarter. Norges Bank bought a new stake in Madrigal Pharmaceuticals during the 2nd quarter worth about $53,406,000. Invesco Ltd. increased its position in Madrigal Pharmaceuticals by 50.7% in the 2nd quarter. Invesco Ltd. now owns 200,356 shares of the biopharmaceutical company’s stock valued at $60,636,000 after acquiring an additional 67,422 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Madrigal Pharmaceuticals by 1,886.1% in the second quarter. BNP Paribas Financial Markets now owns 69,037 shares of the biopharmaceutical company’s stock worth $20,893,000 after acquiring an additional 65,561 shares during the last quarter. Finally, Artisan Partners Limited Partnership raised its stake in shares of Madrigal Pharmaceuticals by 46.3% in the second quarter. Artisan Partners Limited Partnership now owns 201,571 shares of the biopharmaceutical company’s stock worth $61,003,000 after acquiring an additional 63,833 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Citizens Jmp increased their price target on shares of Madrigal Pharmaceuticals from $527.00 to $745.00 and gave the company a “market outperform” rating in a research note on Tuesday, January 20th. Zacks Research cut Madrigal Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Monday, January 12th. Wolfe Research set a $579.00 target price on Madrigal Pharmaceuticals in a research report on Tuesday, January 6th. JMP Securities set a $527.00 price target on Madrigal Pharmaceuticals in a report on Wednesday, November 5th. Finally, Canaccord Genuity Group boosted their price objective on Madrigal Pharmaceuticals from $526.00 to $587.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Madrigal Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $654.73.

Insider Activity at Madrigal Pharmaceuticals

In related news, insider Carole Huntsman sold 1,958 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $553.11, for a total transaction of $1,082,989.38. Following the completion of the transaction, the insider owned 10,032 shares in the company, valued at approximately $5,548,799.52. The trade was a 16.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William John Sibold sold 2,400 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $575.34, for a total transaction of $1,380,816.00. Following the completion of the sale, the chief executive officer directly owned 150,074 shares of the company’s stock, valued at $86,343,575.16. The trade was a 1.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 101,495 shares of company stock worth $54,568,691. 21.50% of the stock is owned by company insiders.

Madrigal Pharmaceuticals Stock Down 1.9%

Shares of Madrigal Pharmaceuticals stock opened at $464.71 on Friday. The business has a fifty day simple moving average of $531.66 and a 200 day simple moving average of $476.92. The stock has a market cap of $10.55 billion, a PE ratio of -35.72, a price-to-earnings-growth ratio of 6.60 and a beta of -1.01. The company has a quick ratio of 3.26, a current ratio of 3.44 and a debt-to-equity ratio of 0.54. Madrigal Pharmaceuticals, Inc. has a 12 month low of $265.00 and a 12 month high of $615.00.

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.