Lord Abbett & CO. LLC Takes Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Lord Abbett & CO. LLC bought a new position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 48,917 shares of the biopharmaceutical company’s stock, valued at approximately $15,095,000. Lord Abbett & CO. LLC owned 0.22% of Madrigal Pharmaceuticals as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Madrigal Pharmaceuticals in the fourth quarter valued at about $70,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Madrigal Pharmaceuticals in the 4th quarter worth approximately $164,000. KBC Group NV boosted its holdings in Madrigal Pharmaceuticals by 73.5% in the fourth quarter. KBC Group NV now owns 609 shares of the biopharmaceutical company’s stock valued at $188,000 after acquiring an additional 258 shares in the last quarter. Jump Financial LLC purchased a new position in Madrigal Pharmaceuticals during the 4th quarter valued at $210,000. Finally, Farringdon Capital Ltd. purchased a new position in Madrigal Pharmaceuticals during the 4th quarter valued at $215,000. 98.50% of the stock is currently owned by institutional investors.

Madrigal Pharmaceuticals Trading Up 2.1 %

Shares of NASDAQ:MDGL opened at $326.79 on Friday. Madrigal Pharmaceuticals, Inc. has a 1 year low of $191.18 and a 1 year high of $377.46. The stock’s fifty day moving average price is $325.91 and its 200-day moving average price is $310.63. 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 company has a market cap of $7.22 billion, a P/E ratio of -13.03 and a beta of -0.69.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share for the quarter, beating analysts’ consensus estimates of ($4.32) by $1.61. The company had revenue of $103.32 million for the quarter, compared to the consensus estimate of $97.81 million. Sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Robert E. Waltermire sold 1,227 shares of Madrigal Pharmaceuticals stock in a transaction on Friday, February 28th. The shares were sold at an average price of $341.07, for a total transaction of $418,492.89. Following the transaction, the vice president now owns 3,728 shares in the company, valued at $1,271,508.96. This trade represents a 24.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James M. Daly sold 15,470 shares of the company’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $347.45, for a total value of $5,375,051.50. Following the completion of the sale, the director now owns 1,912 shares of the company’s stock, valued at $664,324.40. This trade represents a 89.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,810 shares of company stock valued at $10,610,594 over the last 90 days. Company insiders own 22.80% of the company’s stock.

Analysts Set New Price Targets

MDGL has been the subject of a number of research reports. B. Riley raised shares of Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and increased their price target for the stock from $236.00 to $422.00 in a research note on Thursday, February 27th. Citigroup upped their target price on shares of Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. JMP Securities reaffirmed a “market outperform” rating and set a $443.00 target price on shares of Madrigal Pharmaceuticals in a research note on Thursday. Finally, HC Wainwright raised their price objective on Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Madrigal Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $409.00.

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.