Erste Asset Management GmbH Takes $49.75 Million Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Erste Asset Management GmbH purchased a new stake in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 234,400 shares of the biopharmaceutical company’s stock, valued at approximately $49,749,000. Erste Asset Management GmbH owned 1.07% of Madrigal Pharmaceuticals as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Paulson & CO. Inc. raised its position in shares of Madrigal Pharmaceuticals by 10.4% during the 3rd quarter. Paulson & CO. Inc. now owns 2,042,000 shares of the biopharmaceutical company’s stock valued at $433,353,000 after acquiring an additional 192,000 shares during the last quarter. Braidwell LP acquired a new stake in shares of Madrigal Pharmaceuticals during the third quarter worth $39,010,000. Fiera Capital Corp bought a new stake in Madrigal Pharmaceuticals in the second quarter valued at about $32,335,000. Avoro Capital Advisors LLC lifted its stake in Madrigal Pharmaceuticals by 5.7% in the second quarter. Avoro Capital Advisors LLC now owns 2,055,555 shares of the biopharmaceutical company’s stock valued at $575,884,000 after buying an additional 111,111 shares during the period. Finally, Point72 Asset Management L.P. boosted its holdings in Madrigal Pharmaceuticals by 172.6% during the second quarter. Point72 Asset Management L.P. now owns 40,958 shares of the biopharmaceutical company’s stock worth $11,475,000 after buying an additional 97,387 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Insider Activity

In related news, CEO William John Sibold sold 6,363 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $243.83, for a total transaction of $1,551,490.29. Following the transaction, the chief executive officer now directly owns 55,887 shares of the company’s stock, valued at approximately $13,626,927.21. The trade was a 10.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard S. Levy sold 5,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $300.94, for a total value of $1,504,700.00. Following the sale, the director now directly owns 11,012 shares of the company’s stock, valued at $3,313,951.28. This represents a 31.23 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,763 shares of company stock valued at $4,247,210. 22.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MDGL has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $390.00 price target on shares of Madrigal Pharmaceuticals in a research note on Tuesday, October 22nd. StockNews.com raised Madrigal Pharmaceuticals to a “sell” rating in a research note on Saturday, October 12th. Citigroup decreased their target price on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. B. Riley raised their price target on Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Finally, Oppenheimer cut their price target on shares of Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $347.33.

Madrigal Pharmaceuticals Stock Performance

NASDAQ MDGL opened at $328.19 on Friday. Madrigal Pharmaceuticals, Inc. has a 12 month low of $168.25 and a 12 month high of $368.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.98 and a quick ratio of 5.93. The stock has a 50 day moving average of $262.31 and a 200-day moving average of $259.04.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share (EPS) for the quarter, topping the consensus estimate of ($6.94) by $2.02. The firm had revenue of $62.18 million for the quarter, compared to the consensus estimate of $34.60 million. During the same period last year, the company posted ($5.34) earnings per share. As a group, equities analysts expect that Madrigal Pharmaceuticals, Inc. will post -24.08 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.