ProShare Advisors LLC Trims Stock Position in Madrigal Pharmaceuticals, Inc. $MDGL

ProShare Advisors LLC cut its holdings in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 12.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,291 shares of the biopharmaceutical company’s stock after selling 597 shares during the quarter. ProShare Advisors LLC’s holdings in Madrigal Pharmaceuticals were worth $1,299,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of MDGL. Accent Capital Management LLC purchased a new stake in Madrigal Pharmaceuticals in the 1st quarter valued at approximately $25,000. VSM Wealth Advisory LLC acquired a new position in shares of Madrigal Pharmaceuticals in the first quarter worth $25,000. AlphaQuest LLC lifted its position in shares of Madrigal Pharmaceuticals by 412.5% in the second quarter. AlphaQuest LLC now owns 82 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 66 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of Madrigal Pharmaceuticals during the first quarter valued at $33,000. Finally, Spire Wealth Management boosted its stake in shares of Madrigal Pharmaceuticals by 150.0% during the second quarter. Spire Wealth Management now owns 250 shares of the biopharmaceutical company’s stock valued at $76,000 after acquiring an additional 150 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MDGL. Citigroup reissued an “outperform” rating on shares of Madrigal Pharmaceuticals in a research note on Wednesday, November 5th. Cowen reissued a “buy” rating on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 26th. B. Riley upped their price objective on shares of Madrigal Pharmaceuticals from $460.00 to $560.00 and gave the company a “buy” rating in a research note on Monday, September 29th. UBS Group restated a “buy” rating and set a $523.00 target price (up previously from $458.00) on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 12th. Finally, Citizens Jmp boosted their price target on Madrigal Pharmaceuticals from $485.00 to $527.00 and gave the company a “market outperform” rating in a report on Wednesday, November 5th. Thirteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $539.17.

Insider Transactions at Madrigal Pharmaceuticals

In other Madrigal Pharmaceuticals news, CEO William John Sibold sold 7,279 shares of the company’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $445.63, for a total transaction of $3,243,740.77. Following the completion of the sale, the chief executive officer directly owned 102,474 shares in the company, valued at $45,665,488.62. This represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kenneth Bate sold 16,575 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $484.30, for a total value of $8,027,272.50. Following the completion of the transaction, the director owned 2,627 shares in the company, valued at approximately $1,272,256.10. This trade represents a 86.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 39,970 shares of company stock valued at $18,746,944. Corporate insiders own 21.50% of the company’s stock.

Madrigal Pharmaceuticals Price Performance

MDGL opened at $529.21 on Monday. Madrigal Pharmaceuticals, Inc. has a 1 year low of $265.00 and a 1 year high of $544.25. The company’s 50 day simple moving average is $445.89 and its 200 day simple moving average is $365.16. The stock has a market capitalization of $12.02 billion, a PE ratio of -41.18 and a beta of -1.04. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.78 and a current ratio of 5.11.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last posted its quarterly earnings results on Tuesday, November 4th. The biopharmaceutical company reported ($5.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.01) by ($3.07). Madrigal Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 54.68%. As a group, sell-side analysts expect that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

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.