Highbridge Capital Management LLC bought a new position in shares of Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 10,000 shares of the biopharmaceutical company’s stock, valued at approximately $2,141,000. Highbridge Capital Management LLC owned about 0.06% of Madrigal Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also made changes to their positions in the company. University of Notre Dame DU Lac acquired a new position in Madrigal Pharmaceuticals in the third quarter valued at approximately $2,512,000. Tekla Capital Management LLC acquired a new position in Madrigal Pharmaceuticals in the third quarter valued at approximately $1,428,000. Stevens Capital Management LP boosted its stake in Madrigal Pharmaceuticals by 208.4% in the third quarter. Stevens Capital Management LP now owns 2,547 shares of the biopharmaceutical company’s stock valued at $545,000 after acquiring an additional 1,721 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Madrigal Pharmaceuticals in the third quarter valued at approximately $1,809,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Madrigal Pharmaceuticals by 135.9% during the third quarter. Dimensional Fund Advisors LP now owns 11,305 shares of the biopharmaceutical company’s stock worth $2,420,000 after buying an additional 6,512 shares during the period. 55.54% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently issued reports on the company. Oppenheimer set a $200.00 price objective on Madrigal Pharmaceuticals and gave the stock a “buy” rating in a research report on Tuesday. Raymond James downgraded Madrigal Pharmaceuticals from a “market perform” rating to an “underperform” rating in a research report on Monday, November 19th. BidaskClub downgraded Madrigal Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday, November 17th. Evercore ISI upgraded Madrigal Pharmaceuticals from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $222.00 to $250.00 in a research report on Friday, November 16th. Finally, Cowen reiterated a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Wednesday, November 7th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $297.63.
Shares of NASDAQ MDGL opened at $113.04 on Friday. The company has a market cap of $1.86 billion, a PE ratio of -44.50 and a beta of 1.44. Madrigal Pharmaceuticals Inc has a 12-month low of $77.00 and a 12-month high of $325.98.
Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Tuesday, November 6th. The biopharmaceutical company reported ($0.56) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.53) by ($0.03). Research analysts anticipate that Madrigal Pharmaceuticals Inc will post -2.19 EPS for the current year.
In other news, CEO Paul A. Friedman bought 4,000 shares of the business’s stock in a transaction on Monday, November 19th. The stock was purchased at an average cost of $124.00 per share, for a total transaction of $496,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Fred B. Craves bought 2,000 shares of the business’s stock in a transaction on Monday, November 19th. The stock was purchased at an average price of $124.69 per share, with a total value of $249,380.00. The disclosure for this purchase can be found here. Corporate insiders own 56.70% of the company’s stock.
About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. The company's lead candidate is MGL-3196, an orally administered, small-molecule, liver-directed, thyroid hormone receptor (THR) ß-selective agonist, which is in Phase II clinical trials for the treatment of non-alcoholic steatohepatitis and heterozygous familial hypercholesterolemia.
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