Cinctive Capital Management LP Purchases New Holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Cinctive Capital Management LP acquired a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,074 shares of the biopharmaceutical company’s stock, valued at approximately $1,077,000.

Several other institutional investors have also added to or reduced their stakes in MDGL. Comerica Bank raised its holdings in shares of Madrigal Pharmaceuticals by 615.4% in the first quarter. Comerica Bank now owns 372 shares of the biopharmaceutical company’s stock worth $99,000 after buying an additional 320 shares during the period. Cetera Advisors LLC purchased a new stake in Madrigal Pharmaceuticals in the first quarter worth $281,000. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Madrigal Pharmaceuticals during the second quarter worth $252,000. First Horizon Advisors Inc. boosted its stake in shares of Madrigal Pharmaceuticals by 1,633.3% during the second quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 98 shares during the period. Finally, Calamos Advisors LLC grew its holdings in shares of Madrigal Pharmaceuticals by 13.8% in the second quarter. Calamos Advisors LLC now owns 4,112 shares of the biopharmaceutical company’s stock worth $1,152,000 after purchasing an additional 499 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Insider Transactions at Madrigal Pharmaceuticals

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

Madrigal Pharmaceuticals Stock Performance

MDGL stock opened at $321.36 on Wednesday. Madrigal Pharmaceuticals, Inc. has a one year low of $168.25 and a one year high of $368.29. The firm has a market cap of $7.01 billion, a price-to-earnings ratio of -12.81 and a beta of -0.42. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.93 and a current ratio of 5.98. The firm has a 50-day simple moving average of $266.13 and a two-hundred day simple moving average of $260.80.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) EPS for the quarter, beating analysts’ consensus estimates of ($6.94) by $2.02. The firm had revenue of $62.18 million for the quarter, compared to analysts’ expectations of $34.60 million. During the same period in the previous year, the company earned ($5.34) EPS. On average, equities analysts forecast that Madrigal Pharmaceuticals, Inc. will post -24.08 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MDGL has been the subject of several research reports. HC Wainwright reissued a “buy” rating and issued a $390.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Tuesday, October 22nd. Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 20th. Evercore ISI decreased their target price on Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. B. Riley upped their target price on Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Finally, UBS Group raised their price target on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $347.33.

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.